Oil extends gains as OPEC+ stresses compliance with output cuts

Oil prices rose on Thursday, to extend gains on Hurricane Sally impact on the Gulf of Mexico, and OPEC-Plus stressing compliance with quotas of the output cut agreement.

OPEC stated in its monthly report that it expects further drop in global demand in 2020 due to the increasing numbers of coronavirus infections.

Hurricane Sally led to the suspension of a large portion of the US oil and natural gas production in the Gulf of Mexico, which lifts prices higher.

The dollar index rose against a basket of currencies by 0.1% to 93.1 points as of 17:50 GMT, after it hit a high of 93.5 and a low of 93.05.

As of 17:47 GMT, WTI October futures at Nymex rose 2% to $40.9 a barrel, after hitting a high of $41.2 and a low of $39.4.

Brent November futures rose 2.6% to $43.3 a barrel, with a high of $43.4 and a low of $41.5.