International benchmark Brent crude traded at $74.06 per barrel at 07.44GMT on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $68.42 per barrel.
Brent crude traded at $75.04 per barrel at 13.44 GMT on Friday with WTI seeing $66.53.
Following a meeting on Friday and Saturday in Vienna, OPEC and non-OPEC producers decided to increase oil production levels by around 1 million barrels per day as of July 1.
According to OPEC’s statement on Saturday, the countries will strive to adhere to the overall conformity level of 100% for the remaining duration of the Declaration of Cooperation DOC, and for the Joint OPEC and Non-OPEC Ministerial Monitoring Committee to monitor the conformity level and report back to the OPEC and non-OPEC Ministerial Meeting.
"The member countries have exceeded the required level of conformity that had reached 152 percent in May 2018," OPEC stated.
OPEC and non-OPEC oil producers had agreed in late 2016 to cut their output in order to trim a supply glut in the global market. They began implementing the agreement in January 2017 and later extended it until the end of this year.
By Gulsen Cagatay