Oil jumped above $61 a barrel on Monday, supported by hints that OPEC and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand.
The Organization of the Petroleum Exporting Countries and allies including Russia are expected to extend output cuts this week and could increase the size of the curb by at least 400,000 barrels per day, two sources said.
Brent crude, the global benchmark, rose $1.20 to $61.69 a barrel by 08:25 GMT. U.S. West Texas Intermediate (WTI) crude added $1.05 to $56.22.
The so-called OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd that started in January expires at the end of March 2020.
Source : CNBC