Oil extends gains, hovers at four-month highs on OPEC+ cuts

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Oil extends gains, hovers at four-month highs on OPEC+ cuts
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Oil prices extended gains on Monday to touch their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices.

Brent crude futures rose 25 cents, or 0.3%, to $86.49 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude was at $83.05 a barrel, up 23 cents, or 0.3%.

Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. Several factors have underpinned prices in recent weeks including expectations of U.S. interest rate hikes tapering off, a reduction in and hopes of stimulus boosting oil demand recovery in the world's top crude importer China after a dismal second quarter.on Thursday extended its voluntary production cut of 1 million barrels per day to the end of September, adding that it could be extended beyond then or deepened. The kingdom's production for September will be around 9 million bpd.

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