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Brent Crude Up 4.40%, WTI Up 7.07% Following New OPEC+ Deal on Oil Production Cuts

© AP Photo / Kamran JebreiliIn this Monday, September 25, 2000 file photo, two workers climb down from one of the tanks in an oil tank-farm in Jebel Ali, 25 miles (40 kms.) south of Dubai in the United Arab Emirates.
In this Monday, September 25, 2000 file photo, two workers climb down from one of the tanks in an oil tank-farm in Jebel Ali, 25 miles (40 kms.) south of Dubai in the United Arab Emirates. - Sputnik International
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MOSCOW (Sputnik) - Oil prices are on the rise on Monday morning, with Brent crude up 4.40% and WTI crude up 7.07%, in the wake of the new deal reached on Sunday by OPEC+ countries to cut production by nearly 10 million barrels a day.

As of 04:21 Moscow time on Monday (01:21 GMT), the price of June futures for Brent was rising 4.40 percent, up to $33.22 per barrel, market data showed. The price of May futures for WTI crude grew 7.07 percent to $24.37 per barrel.

As of 01:07 Moscow time on Monday (22:07 GMT on Sunday), the price of June futures for Brent crude was falling 0.66 percent, down to $31.61 per barrel, while the price of May futures for WTI crude fell 1.81 percent to $22.79 per barrel.

OPEC+ oil producers reached a new agreement on Sunday to collectively reduce oil production by 9.7 million barrels a day for two months, starting from 1 May. After that, production will be cut by 7.7 million barrels a day for 6 months, until 31 December. Starting from January of next year until April 2022 oil production will be reduced by 5.8 million barrels per day.

According to a final communique released after the Sunday agreement, a possible extension of the new OPEC+ deal will be discussed in December 2021. A meeting will also be held this June via videoconference to see if any further actions are needed to balance the market amid the coronavirus pandemic.

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