<p>Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations.</p>.<p>Brent futures was 28 cents, or 0.3 per cent higher, at $83.83 a barrel at 0134 GMT, while the US West Texas Intermediate (WTI) rose 20 cents, or 0.3 per cent, to $80.17 a barrel.</p>.<p>The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to cushion the market amid global economic concerns and rising output outside the group, with Russia's announcement surprising some analysts.</p>.<p>Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.</p>.Record US oil and gas production keeps prices under pressure.<p>"Signs of tightness in the physical market continue to push crude oil higher. Output cuts by the OPEC+ alliance continue to reduce supply as the market worries about the renewed tensions in the Middle East," ANZ analysts said in a note on Monday.</p>.<p>Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.</p>.<p>Yemen's Iran-backed Houthis vowed on Sunday to continue targeting British ships in the Gulf of Aden following the sinking of UK-owned vessel Rubymar.</p>.<p>In some of the strongest comments by a senior US leader, US Vice President Kamala Harris on Sunday demanded Palestinian militant group Hamas agree to an immediate six-week ceasefire while forcefully urging Israel to do more to boost aid deliveries into Gaza.</p>.<p>Washington has insisted the ceasefire deal is close and has been pushing to put in place a truce by the start of Ramadan, a week away. A US official on Saturday said Israel has agreed on a framework deal. </p>
<p>Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations.</p>.<p>Brent futures was 28 cents, or 0.3 per cent higher, at $83.83 a barrel at 0134 GMT, while the US West Texas Intermediate (WTI) rose 20 cents, or 0.3 per cent, to $80.17 a barrel.</p>.<p>The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to cushion the market amid global economic concerns and rising output outside the group, with Russia's announcement surprising some analysts.</p>.<p>Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.</p>.Record US oil and gas production keeps prices under pressure.<p>"Signs of tightness in the physical market continue to push crude oil higher. Output cuts by the OPEC+ alliance continue to reduce supply as the market worries about the renewed tensions in the Middle East," ANZ analysts said in a note on Monday.</p>.<p>Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.</p>.<p>Yemen's Iran-backed Houthis vowed on Sunday to continue targeting British ships in the Gulf of Aden following the sinking of UK-owned vessel Rubymar.</p>.<p>In some of the strongest comments by a senior US leader, US Vice President Kamala Harris on Sunday demanded Palestinian militant group Hamas agree to an immediate six-week ceasefire while forcefully urging Israel to do more to boost aid deliveries into Gaza.</p>.<p>Washington has insisted the ceasefire deal is close and has been pushing to put in place a truce by the start of Ramadan, a week away. A US official on Saturday said Israel has agreed on a framework deal. </p>