Oil Maintains Gains on OPEC+ Commitment

Oil prices rose on Monday supported by the commitment of the members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, known as OPEC+.

Last month, OPEC+ agreed on extending the output curbs in February, with Saudi Arabia vowing to unilaterally cut production to help restore market balance amid the Coronavirus pandemic.

Brent crude futures for April delivery gained $1.31, or 2.4%, to close at the level of $56.35 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery finished higher by $1.35, or 2.6%, at $53.55 per barrel.

Last week, Brent futures gained about 0.9% for the week and rose by 7.9% on the monthly level in January.

Meanwhile, WTI futures saw a small loss for the week at 0.1% but rose by 7.6% last month.