WASHINGTON (dpa-AFX) - Oil prices edged up slightly on Monday as OPEC+ extended its production cuts well into 2025 but announced a plan to restore some production as early as October.
Benchmark Brent crude futures rose 0.2 percent to $81.28 a barrel, while WTI crude futures were up 0.2 percent at $77.12.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Sunday agreed to extend their official crude output cuts into 2025 as part of efforts to bolster a fragile market.
The agreement extends so-called 'voluntary' cuts from key members including Saudi Arabia and Russia well into next year.
At the same time, OPEC+ also set out a timetable for gradually unwinding some of its oil production cuts starting in October, earlier than some OPEC-watchers had assumed.
A weaker dollar on hopes for a Fed rate cut this year and strong manufacturing data from China also underpinned oil prices.
A private survey showed China's manufacturing activity grew more than expected in May - contrasting with an official PMI reading that showed China's manufacturing unexpectedly shrank in the month.
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