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Futures Movers: Oil prices rebound on renewed hopes for an OPEC deal

Bloomberg

The market is looking for progress on an oil deal this week

Crude-oil futures rebounded on renewed hope that major producers might make progress on a deal to limit production and help whittle down the glut that has kept prices in the doldrums for more than two years.

Brent crude LCOX6, +1.26% , the global oil benchmark, rose 1.5% to $47.18 a barrel on London’s ICE Futures exchange Monday. On the New York Mercantile Exchange, West Texas Intermediate futures CLX6, +1.01% were trading up 1.3% at $45.05 a barrel.

Oil prices sank 4% on Friday in the New York session after Saudi Arabia said it didn’t expect the Organization of the Petroleum Exporting Countries and other prominent non-cartel producers, such as Russia, to clinch a deal on Wednesday when they meet on the sidelines of an energy conference in Algeria.

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