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

The price per barrel of Brent oil, which closed last week at the US$93 (RM417) level, neared the US$97 level as of 1330 GMT (9.30pm Malaysian time yesterday), up over four percent.

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

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

- Bernama