Oil prices jumped more than 3% on Tuesday, with global benchmark Brent crude rising above $40 a barrel (bbl), after Russia’s Energy Minister Alexander Novak met with executives of the country’s oil companies on Monday to discuss extending the OPEC+ production cut deal by three months.

 

Investors also focused on the start of the US presidential election today, and the announcement of the results.

 

In terms of trading, Brent crude rose 3.1% to $40.19/bbl, at 12.50 pm Makkah time.

 

US West Texas Intermediate (WTI) crude futures rose 3.7% to $38.17/bbl.

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