Saudi Arabia, Thailand sign deals to form business council, facilitate trade 

NEW YORK: Oil prices rose more than $3 a barrel on Monday, extending last week’s gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Saudi Arabia, top producer in the Organization of the Petroleum Exporting Countries, last week raised the possibility of production cuts, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West.

OPEC+, comprising OPEC, Russia and allied producers, meets to set policy on Sept. 5.

Brent crude was up $3.16, or 3.1 percent, at $104.15 a barrel by 12:22 p.m. EDT (1633 GMT), having risen by 4.4 percent last week. US West Texas Intermediate crude gained $3.16, or 3.4 percent, to$ 96.22 after rallying 2.5 percent last week.

“Oil prices are inching higher on hopes of a production cut from OPEC and its allies to restore…