Crude oil futures rebounded on Monday as investors weighed the possibility that major producers will make progress this week on a pact to limit production, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, November West Texas Intermediate crude climbed $1.45, or 3.3%, to settle at $45.93 a barrel, after losing nearly 4% in Friday’s session.
On the London ICE Futures Exchange, November Brent crude, the global oil benchmark, rose $1.46, or 3.2%, to end trade at $47.35 a barrel.
Analysts believe that OPEC is increasing pressure to take action to support prices.
“Whichever way you slice it, OPEC has to cut production or else the market will not draw down the overhang accumulated over 2014 and 2015 even next year,” said consultancy Energy Aspects.
Meanwhile, October natural gas rose 4.2 cents, or 1.4%, to settle at $2.997 per million British thermal units on the New York Mercantile Exchange.