Oil stocks up as OPEC+ may cut output

Shares of China's oil and gas companies surged on Monday as the effects of a recent plan of a crude producers' alliance to cut oil production began to show.

Shenzhen-listed Xinjiang Beiken Energy Engineering rose almost 10 percent to close at 9.47 yuan ($1.32) while Zhongman Petroleum rose 8.02 percent to close at 22.5 yuan on the same bourse.

Market observers attributed the share surge to the decision by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to cut oil production from November to bolster oil prices that have tumbled recently over recession fears.