Oil prices surged on Monday after major producers agreed to extend a deal on record output cuts to the end of July. Also, investors welcomed news that China’s crude imports soared 19.2% yoy to the highest level on record of 47.97 million tons in May. At around 05:45 AM GMT, Brent crude increased 1.6%, to $42.98 per barrel, while West Texas Intermediate rose 1.3%, to $40.106 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 OPEC+ agreed in April to cut supply by 9.7 million barrels per day during May-June to support prices that collapsed due to the coronavirus pandemic.