Oil prices extended gains on Monday, touching their highest levels since mid-April after Saudi Arabia and Russia, two major oil producers, pledged to continue cutting supplies for another month in order to continue balancing global markets and supporting prices.
Brent crude futures rose 25 cents, or 0.3 percent, to $86.49 a barrel, while West Texas Intermediate crude futures rose 23 cents, or 0.3 percent, to $83.05 a barrel.
Crude posted gains for the sixth consecutive week last week, the longest period of gains since December 2021 and January 2022.
Source (Al-Arabiya.net Website, Edited)
