OPEC+ members agreed to extend voluntary cuts in oil production until the end of the second quarter, in line with market expectations, while Russia committed to reducing production and exports. However, oil prices rose slightly on the same Monday.

Brent was up 14 cents, or 0.2%, to $83.69 per barrel at 0415 GMT, while American West Texas Intermediate (WTI) rose 2 cents to $79.99 per barrel. The intermonthly Brent < LCOc1-LCOc2> spread widened by 5 cents to 90 cents per barrel while the six-month spread < LCOc1-LCOc7> gained 15 cents to $4.49 in backwardation, a sign that traders expect supply to tighten in the future. The term “backwardation” refers to a market structure in which short-term prices are higher than in the coming months

OPEC+ cuts would cause the group's output to 34.6 million bpd in the second quarter, compared to an earlier forecast that output could exceed 36 million bpd in May as producers end supply cuts, said Jorge Leon, vice- senior president of the consulting firm Rystad Energy, in a note