Oil prices rose slightly in early trading on Monday after OPEC+ member states agreed to extend voluntary production cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations.
price movement
Brent crude futures were up 8 cents, or 0.1 percent, at $83.64 a barrel by 0334 GMT, while West Texas Intermediate (WTI) crude futures were down slightly at $79.92 a barrel.
Production cuts by OPEC and its allies are expected to cushion the market amid global economic concerns and rising output outside the group, while Russia's announcement of additional export and production cuts surprised some analysts.
Russian Deputy Prime Minister Alexander Novak said on Sunday that Russia will cut oil production and exports by an additional 471,000 barrels per day in the second quarter of the year.
Oil prices received support in 2024 from escalating geopolitical tensions amid the conflict between Israel and Hamas on the one hand, and Houthi attacks on commercial ships in the Red Sea on the other hand, while concerns about economic growth cast a shadow over oil prices.
