As of 22:07 GMT on Sunday, the price of May futures for WTI was up 7.12% at $81.09 per barrel, while June futures for Brent crude were trading up 7.13% to $85.59 per barrel.
Additional oil production cuts announced by several OPEC+ countries on Sunday are estimated to total 1.1 million barrels per day, three sources in the organization told Sputnik. One source said that Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Oman, and Kazakhstan are among the countries that decided to voluntarily trim oil production from May until the end of 2023.
Meanwhile, Russia decided to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, Russian Deputy Prime Minister Alexander Novak said.