Oil futures took a sudden, sharp turn higher Monday to score a monthly gain of more than 4% and settle at their highest level in nearly 6 weeks.Prices were on track to suffer a third straight monthly loss until a U.S. government report showed a roughly 1% decline in monthly crude production and a bulletin from the Organization of the Petroleum Exporting Countries expressed the group’s concerns over the low price of oil.
October West Texas Intermediate crude CLV5, -3.21% settled at $49.20 a barrel, up $3.98, or 8.8%, on the New York Mercantile Exchange. Based on the most-active contracts, prices were up about 4.4% for the month—the first gain since May. The daily settlement was also the highest since July 21.
October Brent crude on London’s ICE Futures exchange LCOV5, -2.81% added $4.10, or 8.2%, Monday to $54.15 a barrel, for a monthly gain of 3.7%.
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