West Texas Intermediate futures for January delivery climbed to $42.04 ( 0.69%), while Brent crude climbed to $45.05 ( 0.49%) after Saudi Arabia said on Monday it was ready to cooperate with OPEC and non-OPEC producers to stabilize prices. The news came days before the organization is set to hold a meeting in Vienna on December 4. However gains were limited by a stronger greenback, which makes the dollar-denominated commodity more expensive for buyers using other currencies. Some analysts also doubt that there will be a significant change in OPEC's policy.
Meanwhile investors are preparing to see a modest increase in U.S. crude stockpiles when the U.S. Energy Information Administration releases its report on Wednesday.