Oil jumps $3 as OPEC-plus plans to cut oil output targets by 100,000 bpd

Oil prices rose more than $2 a barrel on Monday, extending gains as OPEC+ producers agreed to cut oil output targets by 100,000 bpd in October, according to a source.

Brent crude futures futures for November delivery rose $3.57 to $96.59 a barrel, a 3.8% gain, by 7:24 a.m. ET (12:24 GMT).

U.S. West Texas Intermediate crude was up $2.13, or 2.5%, at $89 after a 0.3% gain in the previous session.

U.S. markets are closed for a public holiday on Monday.

The chairman of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said it would consider calling for an OPEC and non-OPEC ministerial meeting anytime to address market developments, if necessary.