Crude-oil prices continued to march higher in choppy trade on Monday, gaining on hopes of production cuts to help rebalance an oversupplied market.On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, +4.11% rose 39 cents, or 1.4%, to $29.83 a barrel, while April Brent crude LCOJ6, +3.32% on London’s ICE Futures exchange gained 31 cents, or 0.9% to $33.67 a barrel.
The gains come amid continued talk of a potential meeting between members of the Organization of the Petroleum Exporting Countries. Such talk periodically buoys the market amid hope that OPEC will agree to cuts in supply.
Crude futures rallied 12% on Friday, for their biggest one-day percentage gain since 2009, after the United Arab Emirates energy minister late Thursday said OPEC nations were ready to cooperate on possible production cuts.
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