Oil prices up following decision to cut production

By Gokhan Ergocun

ISTANBUL (AA) - 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.”