Oil prices rise on Monday

Oil prices rose on Monday. Brent crude futures gained 1.4% to $42.87 a barrel in the morning, while U.S. West Texas Intermediate crude jumped nearly 1%, at $39.92 a barrel.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th Ministerial Meeting, chaired by Saudi Energy Minister Prince Abdulaziz Bin Salman, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day (mbpd) in May and June.