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2024.03.0409:03:00UTC+00Oil Little Changed As OPEC Extends Output Cuts

Oil prices were little changed on Monday after climbing over 2 percent to a four-month high on Friday amid rising tensions in the Red Sea and Middle East.

Benchmark Brent crude futures were little changed at $83.54 a barrel. WTI crude futures were down 0.1 percent at $79.88, after having briefly crossed the $80 mark for the first time in four months.

On Sunday, several OPEC+ members have announced extensions of oil output cuts into the second quarter to support the "stability and balance of oil markets".

Oil heavyweights Saudi Arabia and Russia, alongside other key OPEC+ producers have announced that they would extend voluntary crude supply cuts to stave off a global crude surplus.

The extension of the roughly 2 million-barrel-a-day reduction through June was widely expected by traders and analysts.

Meanwhile, supply worries persist due to heightened tensions in the Red Sea and Middle East.

Israel boycotted Gaza ceasefire talks in Cairo after Hamas failed to respond to its demand for a hostage list.

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