Oil prices climbed in early Tokyo trading on Monday following a decision by OPEC and its allies to maintain a cut in production.

Benchmark Dubai futures briefly rose to 67,210 yen or about 500 dollars per kiloliter at one point on Monday before falling back later in the day. At its peak, the gain was 570 yen higher than at the end of last week.

OPEC Plus announced on Sunday that major oil producing nations would keep their output targets unchanged. They decided in October to reduce production by 2 million barrels a day from November.

Crude oil prices are on a declining trend amid a slowdown in the global economy caused by rapid central-bank interest rate hikes in Europe and the United States, as well as China's rigid "zero-COVID" policy.