Oil futures ended higher on Monday, recouping nearly all of what they lost in the previous session as traders bet on further declines in global crude production.The market has grown concerned that low oil prices have begun to fuel a significant drawdown in U.S. production. Adding to those expectations, a report published by Wood Mackenzie on Monday said oil and natural-gas projects worth around $1.5 trillion are at risk because of the slump in oil prices, which have dropped by more than 50% since last summer.
West Texas Intermediate crude for October delivery CLV5, -0.96% settled at $46.68 a barrel on the New York Mercantile Exchange, up $2, or 4.5%. November Brent crude LCOX5, -0.80% on London’s ICE Futures exchange rose $1.45, or 3.1%, to $48.92 a barrel.
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