Oil prices rise by 2%

Oil prices rose about 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further.

Brent oil futures extended their gains to trade up 2.3% at $43.21 a barrel by 11:56 a.m. EDT (1556 GMT). U.S. crude futures traded 75 cents, or 1.9% higher at $40.89 a barrel. Both contracts rose more than 4% on Wednesday.