Oil prices settle up 1% on reports OPEC+ could reassess output | Reuters

Oil prices settle up 1% on reports OPEC+ could reassess output | Reuters

Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.

Brent crude futures rose 81 cents, or 1%, to settle at $79.70 a barrel. WTI crude futures rose 81 cents, or 1%, to settle at $76.75 a barrel.

Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest levels since Oct. 1.

Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies to dampen prices, seven government sources with knowledge of the plans told Reuters.