Oil prices rise with output cut deal extension expected

NEW YORK, July 1 (Xinhua) -- Oil prices increased on Monday as investors expected major oil exporting countries to extend an output cut deal.

The rise came after the Organization of the Petroleum Exporting Countries (OPEC), Russia and other major producers, or OPEC+, were expected to extend the deal for the next nine month.

The news eased investors' concerns about an oversupply of the crude oil in the market.

The West Texas Intermediate for August delivery increased 0.62 dollar to settle at 59.09 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery added 0.32 dollar to close at 65.06 dollars a barrel on the London ICE Futures Exchange. Enditem