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U.S. oil climbed on Monday after OPEC+ announced it will extend production cuts, and the trade truce between the U.S. and China boosted sentiment for the commodity in a weakening global economy.
The rise in oil prices were boosted when the Organization of the Petroleum Exporting Countries, Russia and other producers, or OPEC+, told CNBC's Brian Sullivan through sources that it will extend production cuts for the next nine months.
OPEC+, which is meeting on Monday and Tuesday in Vienna to discuss the supply cuts, has been reducing oil output since 2017 to prevent prices from falling amid a weakening global economy and soaring U.S. production.
Oil also got a boost from a the trade truce between the U.S. and China.
Over the weekend at the G-20 summit, President Donald Trump and Chinese President Xi Jinping agreed not to impose new tariffs on U.S. and Chinese goods. The U.S. said it would hold off on the potential 25% tariffs on the remaining $300 billion of imports from China, and China said it would continue to buy U.S. agricultural products.
De-escalation between the world's two largest economies is good for the global economy and oil demand, sending prices higher.
Oil prices also rose on news that Iran breached its nuclear agreement.
Iran's Foreign Minister Mohammad Javad Zarif said on Monday that Iran breached the limit of its enriched uranium stockpile set in 2015, Reuters reported. Zarif confirmed that Iran had gone over the relevant limit of 300 kg of uranium.
Last week, Trump signed an executive order imposing new sanctions on Iran in response to the downing of an unmanned U.S. drone earlier this month.
Iran, which was OPEC's third-largest oil producer prior to the reimposition of U.S. sanctions, would get a boost in oil revenue from higher prices.