The West Texas Intermediate (WTI) for July delivery climbed 75 cents to settle at 38.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery advanced 38 cents to close at 41.18 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, agreed on Saturday to extend the historic 9.7 million barrels per day production cut till the end of July.
Saudi Arabia, a key member of OPEC, said on Monday it would not continue its voluntary output cuts on top of the OPEC+ agreement after June.
In May, Saudi Arabia, Kuwait and the United Arab Emirates had agreed that they would slash production by an additional 1.18 million barrels per day in June.
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