Oil futures climbed on Monday, buoyed by optimism tied to trade talks between the U.S. and China as well as output reductions by major oil producers.
Saudi Arabia plans to cut its crude exports by 800,000 barrels a day from around 7.9 million barrels a day in November, in a move aimed at lifting prices above $80 a barrel, The Wall Street Journal reported Monday. Oil, however, settled off the session's highs as Goldman Sachs cut its U.S. and global benchmark price forecasts on worries over energy demand and the potential for a supply surplus.
February West Texas Intermediate oil added 56 cents, or 1.2%, to settle at $48.52 a barrel on the New York Mercantile Exchange after trading as high as $49.79, according to FactSet data.
Source : Marketwatch