Prices climb to their highest levels in at least three years, extending gains triggered by producers deciding to keep a cap on supply
A VLCC oil tanker is seen at a crude oil terminal in Ningbo-Zhoushan port, Zhejiang province, China. Picture: REUTERS
Oil cartel Opec and its allies including Russia, collectively known as Opec+, said on Monday it would maintain an agreement to increase oil production only gradually, ignoring calls from the US and India to boost output as the world economy recovers, if patchily, from the coronavirus pandemic. Russian Deputy Prime Minister Alexander Novak said after the talks he believed the market is now balanced.
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