FX.co ★ Oil Extends Gains Amid OPEC Supply Cut Prospect

Oil prices traded higher on Monday amid speculation that OPEC+ could cut output at a meeting on Sept 5.

Benchmark Brent crude futures rose 0.9 percent to $99.93 a barrel, while WTI crude futures were up about 1 percent at $93.98.

The uptrend comes amid reports that OPEC+ members are supportive of Saudi Arabia's suggestion for market intervention to stabilize world oil markets.

Iraq, Algeria, Kuwait, Equatorial Guinea, Venezuela, Libya and Congo all released statements expressing their support after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said that OPEC might have to curtail production.

Meanwhile, top oil exporter Saudi Arabia could slash October prices for most crude grades it sells to Asia, Reuters reported after spot premiums for regional benchmarks Dubai, Oman and Murban plummeted in August on fears over a global recession.

State oil giant Saudi Aramco could cut the official selling price (OSP) for its flagship Arab Light crude by about $4.50 a barrel in October, according to five refining sources surveyed by Reuters on August 29.