On Monday, oil prices surged further, building on the gains of the earlier session, as a number of major producers may reduce their supply even further.

US crude futures edged up by 2.1% at $77.63 per barrel, meanwhile Brent crude ticked up by 2% to $82.18 per barrel. 

OPEC+, are expected to discuss whether to make additional oil supply cuts to support prices during their meeting on November 26. This news was reported by Reuters, citing sources, and contributed to a 4% increase in the benchmark price of crude oil on Friday and a continued increase on Monday.

In a series of actions that began in late 2022, the group has already committed to reducing overall oil output by 5.16 million barrels per day, or roughly 5% of daily global demand.

The two largest suppliers, Saudi Arabia and Russia, have committed to continuing their supply cutbacks until the end of the year, but they may choose to announce additional reductions to boost prices even further. These cuts include extra voluntary cuts from these countries.