Oil prices have neared $44, on the back of hopes that the Organisation of the Petroleum Exporting Countries production cuts will increase amid the coronavirus pandemic to sustain price pressure.

Anadolu Agency reports that Brent crude was trading at $43.30 per barrel on Monday with a 1.22 per cent increase after closing Friday at $42.78 a barrel.

Similarly, West Texas Intermediate traded at $40.73 per barrel, recording for a 1.49 per cent increase after ending the previous session at $40.13 a barrel.

Oil markets began the week on an optimistic upswing, with hopes that OPEC+ will keep the current production cuts, as global demand remains week amid increasing coronavirus cases.

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