Oil prices jump as OPEC on course to extend output cuts

Vienna, July 1 (AFP/APP):Oil prices jumped Monday as OPEC nations moved towards extending daily oil output caps that help the price of crude rise strongly this year.

Ministers from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) were meeting in Vienna on Monday to discuss output, before gathering a day later for OPEC+ — which is a grouping of 24 oil-producing countries that includes Russia and accounts for almost half of global crude.