06.11.202319:14:00UTC+00Oil Futures Settle Higher As Russia, Saudi Arabia Extend Production Cuts

Oil futures settled higher on Monday as confirmations from Russia and Saudi Arabia that they will extend their voluntary production and supply cuts till the end of the year provided some support.

Reports that Iranian oil exports have declined for a second straight month in October contributed as well to the uptick in oil prices.

West Texas Intermediate Crude oil futures for December ended higher by $0.31 or about 0.4% at $80.82 a barrel.

Brent crude futures were up $0.48 or 0.57% at $85.37 a barrel a little while ago.

Both WTI Crude futures and Brent Crude had shed about 6% last week as concerns about the outlook for global energy demand outweighed potential supply disruptions due to the ongoing unrest in the Middle East.

On Sunday, Saudi Arabia confirmed that it would continue with its additional voluntary cut of 1 million barrels per day in December. Russia has announced that it would continue its additional voluntary cut of 300,000 barrels per day from its oil and petroleum product exports until the end of next month.