Crude oil futures climbed higher on Monday following a volatile session in which traders weighed the potential outcome of OPEC’s production agreement on current surplus levels, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, November West Texas Intermediate crude rose 57 cents, or 1.2%, to settle at $48.81 a barrel, after touching lows under $48 and highs above $49.
On the London ICE Futures Exchange, December Brent contract added 70 cents, or 1.4%, to end trading at $50.89 a barrel—the highest futures price in roughly six weeks.
With so much resting on OPEC’s latest production agreement, other analysts were quick to dampen any overly enthusiastic price forecasts for the rest of 2016.
“With non-OPEC supplies already falling by the wayside, there is little rebalancing that can occur outside of OPEC,” said London’s Energy Aspects in a note.
Meanwhile, November natural gas added 1.7 cents, or 0.6%, to settle at $2.923 per million British thermal units on the New York Mercantile Exchange.