After several major exporting countries announced production cuts on Sunday, a move that slowed stock momentum after a week of net gains, oil prices surged on Monday.

V Around 07:10 GMT, the American WTI barrel rose by 5.26% to 79.66 dollars a barrel, while that of Brent from the North Sea, the world benchmark, rose by 5.26% at 84.09 dollars. Saudi Arabia, Iraq, Algeria, the Emirates, Oman and Kuwait announced on Sunday a reduction in their production as early as May, presented as a “precautionary measure” to stabilize the market. Russia has also announced that it will extend the reduction in its crude oil production by 500,000 barrels per day until the end of the year.

Brent fell to less than 73 dollars a barrel in mid-March, its lowest level in two years, and was struggling to get back above 80 dollars.