Crude Oil Continues Momentum on Monday

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Crude oil futures soared on Monday as investors were buoyed by hopes of a future plan by OPEC implementing production limits, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, September West Texas Intermediate crude tacked on $1.25, or 2.8%, to settle at $45.74 a barrel—the highest settlement since July 15.

October Brent crude, the global benchmark, climbed $1.38, or 2.9%, to end trading at $48.35 a barrel on London’s ICE Futures Exchange. This settlement marks Brent crude’s highest level since July 12.

Investors have received a brief respite from the bears as several positive factors have driven up settlement prices in recent days. These include the highly anticipated informal meeting by OPEC cartel members in Algeria, data reports suggesting a drawdown in supply inventories and an increase in the number of active rigs.

On the New York Mercantile Exchange, September natural gas was up less than half a cent, settling at $2.59 per million British thermal units.