Oil futures edge up on talk of further OPEC+ supply curbs - Reuters

Oil futures edge up on talk of further OPEC+ supply curbs - Reuters:

Oil futures gained about 1% on Monday on hints the Organization of the Petroleum Exporting Countries (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.

Brent futures for the most active contract for February delivery rose 43 cents, or 0.7%, to $60.92 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 79 cents, or 1.4%, to $55.96.

Oil eased off session highs earlier in the day as Wall Street dropped after data showed U.S. factory activity contracted in November and after U.S. President Donald Trump unexpectedly announced plans to reimpose tariffs on steel and aluminum from Argentina and Brazil.