Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 50 cents, or 1.2%, at $42.80 per barrel, by 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 31 cents, or 0.8%, to $39.86 a barrel. Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively. Brent has nearly doubled since the Organization of Petroleum Exporting Countries, Russia and allies – collectively known as OPEC+ – agreed in April to cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by […]