Oil prices up following decision to cut production

ISTANBUL

Oil prices rose on Monday after the world's biggest oil producers from the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed to cut production by 100,000 barrels per day in October.

The price per barrel of Brent oil, which closed last week at the $93 level, neared the $97 level as of 1330GMT, up over 4%.

US benchmark West Texas Intermediate (WTI) was at $90, jumping 3.7%.

OPEC+ expressed a readiness to guide the market as “higher volatility and increased uncertainties require continuous assessment of market conditions.”