Oil climbs over 2% as OPEC seen deepening cuts | Reuters

Oil climbs over 2% as OPEC seen deepening cuts | Reuters

Oil prices climbed more than 2% on Monday as further supply cuts in OPEC+ production are expected to be announced following a meeting of member countries early next week.

Brent crude futures settled up $1.71, or 2.1%, at $82.32 a barrel.

The front-month December West Texas Intermediate crude (WTI) expired at $77.60, up $1.71, or 2.3%. The more active January futures gained $2.39 to $77.83, up 1.8%.

Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, is set to consider whether to make additional supply cuts when it meets on Nov. 26.