Thanks to the good news over the weekend, crude oil trading managed to register a jump of more than 3% at the opening of the Asian market session.
After seeing a continued decline in oil prices, OPEC+ is said to be considering a production cut of more than 1 million barrels per day at a meeting this week.
Oil prices have fallen for four consecutive months since June as demand was hit by the Covid-19 shutdown in China, while rising interest rates and a surge in the US dollar weighed on global financial markets.
To support prices, OPEC took steps to cut output at last month's meeting, but it appears to have failed to stimulate the black commodity further.
As a result, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, better known as OPEC+, are now expected to decide on the next cut at a meeting on October 5.
That streak, the black commodity opened higher today which saw Brent oil futures rise at $87 a barrel and US WTI firm at $81 a barrel after each jumped 3%.
