Crude prices rose broadly on Monday on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices.
Benchmark Brent crude futures gained 0.7 percent to trade at $60.84 per barrel, close to their highest since July 2015. They are over 37 percent above the 2017 lows marked in June.
U.S. West Texas Intermediate (WTI) crude futures settled 25 cents higher, or 0.5 percent, at $54.15 a barrel. WTI also reached an eight-month high, according to Dow Jones.
"The latest uptick can to a certain extent be attributed to further Saudi and Russian support for extending the supply cut," consultancy JBC Energy said.
The Organization of the Petroleum Exporting Countries plus Russia and nine other producers agreed to cut 1.8 million barrels per day (bpd) from January 2016 to clear a supply glut.