Following unexpected move by OPEC+ to reduce more production, oil prices spiked on Monday, registering the largest daily increase in almost a year.

Brent crude edged up by 5.4% at $84.22 per barrel after reaching earlier in the session $86.44, its highest level in a month.

US West Texas Intermediate crude climbed by 5.5% at  $79.84 per barrel, post touching the highest in two months.

The announcement of additional production cutbacks of around 1.16 million barrels per day on Sunday by the OPEC+ including Russia, jolted the markets.

At its monthly meeting on Monday, OPEC+ was anticipated to uphold its prior commitment to reduce output by 2 million bpd until December.

Despite lower OPEC oil output in March due to a stop in some of Iraq's exports, Brent dropped last month toward $70 a barrel, the lowest in 15 months, on worries that a global banking crisis and increasing interest rates would hurt demand.