Oil prices rallied above $86 a barrel on Monday, extending multi-year gains after Saudi Arabia urged the Organization of the Petroleum Exporting Countries (OPEC) to stick to a cautious approach to raising global output.

Global benchmark Brent crude jumped 71 cents, or 0.8%, to $86.24 a barrel, continuing growth after seven consecutive weekly gains. Earlier in the session, Brent price brushed $86.43 a barrel, reaching its highest level since October 2018.

US benchmark West Texas Intermediate (WTI) crude futures gained 87 cents, or 1%, to $84.63 a barrel at 3:42am GMT, after 1.5% growth on Friday. It also touched its highest price since 2014 at $84.76 earlier in the day. (RT)