The Brent barrel of oil, for delivery in August, traded at $40.24 at the start of the Intercontinental Petroleum Exchange (ICE) electronic market.
This oil gained 67 cents on the dollar (1.69 percent) compared to the previous close of 39.57 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude oil for July deliveries rose by 85 cents (2.31 percent) to $37.66 per barrel.
During this day it was known that the members of the Organization of Petroleum Exporting Countries and their allies (OPEC+) can extend the reduction in oil production by 9.7 million barrels per day (mb/d) until September or the end of the year.
Two options are currently being discussed: extending the agreement until September, but with the mandatory clause that the conditions can be reviewed in August; and the main option, maintaining the agreement until the end of the year.