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Futures Movers: Oil futures rally on fresh push for OPEC freeze deal

Crude-oil futures rallied on Monday after reports that several members of the Organization of the Petroleum Exporting Countries are pushing for a deal to freeze production to boost prices.

Light, sweet crude for September delivery CLU6, +1.48% rose 59 cents, or 1.4%, to $42.39 a barrel, while October Brent LCOV6, +1.38% on London’s ICE Futures exchange gained 55 cents, or 1.2%, to $44.82 a barrel.

Futures have wavered for the last several sessions around the low $40-a-barrel mark after last week’s rebound from bear-market lows. The recent slump in prices have revived concerns over a supply glut in the market, fueling worries among some OPEC countries that the price is becoming too low again.

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