Oil price rose over 1% amid OPEC plus supply cuts prospects

Oil prices rose on Monday by more than one percent amid the prospect of OPEC plus deepening supply cuts to shore up prices after four weeks of decline on demand worries.

In intra-day trade, Brent crude



was trading at 81 dollars and 95 cents per barrel, while U.S. West Texas Intermediate crude was trading at 77 dollars and 15 cents per barrel when reports last came in.