Oil prices jumped more than 3 per cent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.
Brent crude futures rebounded $2.82, or 3.3 per cent, to $87.96 a barrel by 2337 GMT after settling down 0.6 per cent on Friday. US West Texas Intermediate crude was at $82.09 a barrel, up $2.60, or 3.3 per cent, following a 2.1 per cent loss in the previous session.
Oil prices have tumbled for four straight months since June as Covid-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging US dollar weighed on global financial markets.
