Oil prices jump as OPEC+ agrees to small output cut | OPEC News [Video]

Oil prices rose about 3 percent on Monday, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices.

Brent crude futures for November delivery settled $2.72 higher at $95.74 a barrel, a 2.92 percent gain.

Prices had climbed nearly $4 earlier in the session, but were tamed by comments from the White House that United States President Joe Biden was committed to taking all steps necessary to shore up energy supplies and lower prices.

US crude rose $2 to $88.85 per barrel, a 2.3 percent rise after a 0.3 percent gain in the previous session, in thin volumes during the US Labor Day holiday.

The 100,000 barrels per day (bpd) reduction by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, amounts to only 0.1 percent of global demand. The group also agreed they could meet any time to …