OPEC extend 2.2 mln bpd voluntary oil output cuts to end Q2
Russia to cut oil output and exports by another 417,000 bpd
Brent spreads widen after OPEC announcement

SINGAPORE, March 4 Reuters Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC producer group on Sunday.

Brent futures climbed 14 cents to 83.69 a barrel at 0729 GMT after rising 2.4 last week. U.S. West Texas Intermediate WTI inched up 3 cents to 80 a barrel following a 4.6 gain last week.

Signs of tightness in the physical market continue to push crude oil higher. Output cuts by the OPEC alliance continue to reduce supply as the market worries about the renewed tensions in the Middle East, ANZ analysts said in a note on Monday.

The Organization of the Petroleum Exporting Countries and its allies OPEC are extending their voluntary oil output cuts of 2.2 million barrels per day bpd into the second quarter and this is expected to cushion the market amid global economic concerns and rising output outside the group, with Russia39;s announcement surprising some analysts.

Russia will cut its oil output and exports by an additional 471,000 bpd in the second quarter, in coordination with some OPEC participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.

While there has been little price movement because the OPEC decision had been expected, lowsulphur, or sweet, crude markets are tightening, widening Brent spreads,…