Brent crude futures rose $1.03 to $85.92 a barrel by 0834 GMT, while U.S. West Texas Intermediate crude was up $1.07 to $81.58
Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
Oil rebounded on Monday after Brent and WTI futures each lost around 6 per cent in the week to Nov. 3. Russia also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Refinery runs are easing from record levels in the third quarter because of eroding profit margins and a scarcity of export quotas up to year end, sources told Reuters.
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