Oil surges over $1/bbl ahead of OPEC+ meeting

Oil prices jumped over $1 a barrel on Monday, extending gains as investors ahead of the OPEC+ meeting due today, September 5.

Report informs, citing Reuters, that Brent crude futures rose $1.88, or 2%, to $94.90 a barrel by 0345 GMT after gaining 0.7% on Friday. US West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2%, following a 0.3% advance in the previous session.

US markets are closed for a public holiday on Monday.

At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.