Oil prices rise on OPEC+ cuts, record China imports - Reuters

Oil prices rise on OPEC+ cuts, record China imports - Reuters:

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.

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.

Brent has nearly doubled since the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - collectively known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.