Oil prices moved higher on Monday as major producers' agreement on output cuts took effect.
The West Texas Intermediate for March delivery added 1.35 U.S. dollars to settle at 53.55 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 1.31 dollars to close at 56.35 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed in January to keep most oil production curbs in place from February to the end of March.
Saudi Arabia, the world's biggest oil exporter, pledged a voluntary oil production cut of 1 million barrels per day beyond the required OPEC+ quotas in February and March.
Editor: Galia
