Oil prices climbed on Monday on expectations that a production cut deal by major oil producers would be extended.
The Organization of the Petroleum Exporting Countries and other producers including Russia agreed to cut 1.8 million barrels per day to ease a supply glut. The pact, already renewed once, was expected to extend beyond March next year.
The West Texas Intermediate for December Delivery added 0.25 dollar to settle at 54.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.46 dollar to close at 60.90 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries and other producers including Russia agreed to cut 1.8 million barrels per day to ease a supply glut. The pact, already renewed once, was expected to extend beyond March next year.
The West Texas Intermediate for December Delivery added 0.25 dollar to settle at 54.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.46 dollar to close at 60.90 dollars a barrel on the London ICE Futures Exchange.
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