India, July 7 -- Crude oil prices rallied strongly on Monday despite a larger-than-expected output cut by OPEC+. Both Brent and WTI crude oil benchmarks reversed early losses suffered in the aftermath of the output cut in the backdrop of a tight physical market.

A firm dollar also could not halt the rebound in crude oil prices. The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 97.38 versus 97.18 at close on Friday.

Brent Oil Futures for September settlement is currently trading at $68.74, having gained 0.64 percent from the previous close of $68.30. The day's trading ranged between $68.85 and $67.33 whereas the 52-week trading range was between $58.4 and $86.92.

Brent has gained 1...