Oil prices up following decision to cut production

Oil prices rose on Monday after the world's biggest oil producers from the Organisation of Petroleum Exporting Countries (Opec) and allies, known as Opec+, agreed to cut production by 100,000 barrels per day in October, reported Anadolu Agency.

The price per barrel of Brent oil, which closed last week at the US$93 (RM417) level, neared the US$97 level as of 1330 GMT (9.30pm Malaysian time yesterday), up over four percent.

US benchmark West Texas Intermediate (WTI) was at US$90, jumping 3.7 percent.

Opec+ expressed a readiness to guide the market as “higher volatility and increased uncertainties require continuous assessment of market conditions.”

- Bernama

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