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Oil prices rose a staggering 6% on Monday with OPEC+ influencing the gains through production cuts. This in turn saw Brent crude futures settle at $5.04 higher or 6.3% at 94.93/barrel while West Texas Intermediate crude went up $4.75 or 6.3%, nesting at $80.42/barrel.

The steep price gains were an ode to OPEC+ pledges to lower production outputs by additional 1.16 million barrels per day starting May, which bring the total volume cut from the group to 3.66 million, including a 2 million barrel cut last October, which accounted for 3.7% of global demand, according to Reuters data. OPEC describes the cuts as precautionary as analysts say the weakening economy and rising stockpiles support the decision.