Crude prices jumped by almost 1 percent on Monday amid anticipations that main producer Saudi Arabia will push cartel as well as perhaps Russia to lower supply toward end of the year.
Brent crude oil futures leaped 1 percent to $67.41 a barrel. U.S. sweet, light crude futures soared 1.4 percent, to $57.22 a barrel.
Saudi Arabia urges its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to prevent rising supply and a slowdown in demand growth, which have weighed on prices recently.
The nearest OPEC’s meeting is scheduled on Dec. 6 in Vienna.
U.S.-China trade war deadlock, as well as, surging crude production in the United States also affect the markets.