Oil prices surged on Monday, jolted by a surprise announcement by OPEC+ to cut production further in what top producer Saudi Arabia called a precautionary measure to support market stability.
Brent crude traded at $84.26 a barrel by 0347 GMT, up $4.37, or 5.5% after touching the highest in a month at $86.44 earlier in the session.
U.S. West Texas Intermediate crude was at $79.90 a barrel, up $4.23, or 5.6% after earlier hitting the highest level since late January.
The Organization of the Petroleum Exporting Countries and their allies including Russia shook markets by announcing production cuts of about 1.16 million barrels per day on Sunday.
