Crude oil prices surged higher during the European trading hours on Monday and the barrel of West Texas Intermediate (WTI) was last seen gaining more than 4% on a daily basis at around $83.

Earlier in the day, Reuters reported that the OPEC+ group was discussing a potential output reduction of more than 1 million barrels per day (bpd). 

One of the sources told Reuters that the supply cut could be "as significant as the April 2020 meeting," when the group stepped in to rebalance the pandemic-hit oil market.

OPEC+ meeting will take place on Wednesday, October 5.