Oil prices rose on Monday, March 4, after OPEC+ member countries agreed to extend voluntary production cuts by 2.2 million barrels per day in the second quarter of the year, which is largely in line with market expectations.
Brent crude futures rose 28 cents, or 0.3 percent, to $83.83 a barrel. West Texas Intermediate crude futures rose 20 cents, or 0.3 percent, to $80.17 a barrel.
Members of the OPEC+ alliance led by Saudi Arabia and Russia announced on Sunday, March 3, the agreement to extend the voluntary cut in oil production until the second quarter of this year. The decisions will provide additional support to the market amid concerns about global economic growth and in light of the repercussions of geopolitical tensions and associated concerns about oil prices.
Source (CNBC Arabia Website, Edited)
