Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations. Brent futures was 28 cents, or 0.3% higher, at $83.83 a barrel at 0134 GMT, while the U.S. West Texas Intermediate (WTI) rose 20 cents, or 0.3%, to $80.17 a barrel.
The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to cushion the market amid global economic concerns and rising output outside the group, with Russia’s announcement surprising some analysts. Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter,
