01.02.202119:22:00UTC+00Oil Futures Settle Higher As OPEC, Saudi Arabia's Production Cuts Take Effect

Crude oil futures ended sharply higher on Monday amid optimism about vaccination rollout picking up pace and as the Organization of the Petroleum Exporting Countries and its allies' production cut agreement became effective.

Saudi Arabia's unilateral move to cut crude output by 1 million barrels per day contributed as well to the jump in oil prices.

West Texas Intermediate Crude oil futures for March ended stronger by $1.35 or about 2.6% at $53.55 a barrel.

Brent crude futures were up $1.43 or 2.6% at $56.45 a barrel a little while ago.

OPEC's joint technical committee will meet on Tuesday. A day later, the agency's Joint Ministerial Monitoring Committee that includes delegates from Russia, Kaxakhstan and others, is scheduled to meet.