Reuters reported on Monday that the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+, have agreed to lower oil output targets by 100,000 barrels per day in October.

The group is scheduled to meet again on October 5 and the chairman is reportedly considering calling for an OPEC and non-OPEC ministerial meeting anytime to address market developments, if necessary.

Market reaction

Crude oil prices cling to strong daily gains with the barrel of West Texas Intermediate (WTI) rising more than 3% on the day at $89.90.