Mubasher: Brent crude oil expanded its gains during Monday trade, reaching its highest level in more than two years, with investors showing a positive sentiment regarding the output limitation agreement.

Brent futures rose by 1.4% to the level of $57.67 per barrel by 12:45 PM (GMT), its highest since July 2015.

Similarly, Nymex futures went up by 0.8% to $51.08 per barrel (pb).

It is worth noting that oil prices benefited from the remarks made by major producers that assured their commitment to the efforts to reduce production.

Baker Hughes recently said that the number of US oil rigs declined by 5 rigs to a total of 744 rigs during the week that ended on 22 September, registering its fifth decrease in six weeks.