U.S. oil futures climbed Monday, but settled well below the session's high above $60 a barrel.
The market expects the Organization of the Petroleum Exporting Countries to announce an agreement between the cartel and allied producers to extend their production-cut pact by six to nine months, according to reports.
OPEC's official press conference has been delayed by more than three hours so far, however, because of wrangling over a charter enshrining the OPEC+ alliance, according to Bloomberg.
August West Texas Intermediate oil rose 62 cents, or 1.1%, to trade at $50.09 a barrel on the New York Mercantile Exchange, following an intraday high of $60.28.
Source : Market Watch