Oil prices climb as OPEC+ stresses compliance with output cuts

Oil prices advanced on Thursday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies stressed importance of compliance with output cuts quotas.

The West Texas Intermediate for October delivery rose 81 cents to settle at $40.97 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery climbed $1.08 to $43.30 a barrel on the London ICE Futures Exchange.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) met via videoconference on Thursday, reiterating the critical importance of adhering to full conformity and compensating overproduced volumes as soon as possible.

"In the current environment, the JMMC emphasised the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed," the committee said in a statement.

Thursday's market movement followed a massive rally in the prior session that saw both crude benchmarks surge more than 4 percent.