WTI oil price rallies above $60 per barrel on OPEC-Russia output deal

Oil price climbed above $60 for the first time since the end of May.

The WTI oil price jumped back above $60 per barrel on Monday after OPEC kingpin Saudi Arabia and non-cartel producer Russia said they would extend caps on crude output.

WTI, the New York benchmark, rallied to $60.13 per barrel around 06:50 GMT, climbing above $60 for the first time since the end of May.