OPEC agrees extending supply cuts until March

OPEC agreed on Monday to extend oil supply cuts until March 2020. The move will likely anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants U.S. military support in its standoff with arch-rival Iran. Benchmark Brent crude has climbed more than 25% so far this year after the White House tightened sanctions on OPEC members Venezuela and Iran, slashing their oil exports.

Brent initially rose as much as $2 on Monday towards $67 per barrel as traders cited OPEC's resolve to curb output. It later edged down to trade below $65.