Crude oil prices were up on Monday as the new OPEC agreement agreed on Sunday to lower oil production and balance the market against the demand slump and oversupply is supporting prices.

International benchmark Brent crude was trading at $32.38 per barrel at 0624 GMT for a 2.85% increase after it closed Thursday at $31.48 a barrel since markets were closed due to Good Friday.

American benchmark West Texas Intermediate (WTI) was at $23.55 a barrel at the same time for a 3.47% gain after it ended Thursday at $22.76 per barrel.

OPEC and its allies, which include 23

Read more: Oil up as OPEC output cut deal supports prices