(Bloomberg) — Oil advanced after OPEC+ extended output curbs to stave off a global crude surplus.
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Brent futures traded below $84 a barrel after a 2.4% gain last week. West Texas Intermediate was near $80, having breached the key psychological level on Friday.
The Organization of the Petroleum Exporting Countries and allies prolonged their 2 million-barrel-a-day cut by three months to the end of June, according to delegates. Traders and analysts had widely expected the extension.
Read More: OPEC+ Extends Oil Cuts, With Russia Bolstering Its Effort
Crude has been on a slow-but-steady ascent this year, notching modest advances in the first two months, as widening timespreads signaled tighter physical conditions. Still, expectations that the Federal Reserve won’t lower interest rates soon, strong production from outside OPEC+ and persistent concerns about a poor outlook for China have hampered gains.
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