Brent crude LCOc1 was up 51 cents, or 1.2%, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 32 cents, or 0.8%, to $39.87 a barrel.
Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively.
On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to end-July. Following the extension, top exporter Saudi Arabia hiked its monthly crude prices for July.
But Howie Lee, an economist at Singapore bank OCBC, noted that the latest deal had fallen short of market hopes for a three-month extension of output cuts.
He said both benchmarks would require stronger bullish factors to propel prices back to where they were before March 6, when they crashed after OPEC and Russia initially failed to reach an agreement on supply cuts.
Mondrian Doha, Qatar’s leading destination from global lifestyle hospitality company sbe, is pleased to announce the launch of…
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
