Futures Movers: Oil rebounds on expectations of more OPEC production cuts

Crude futures kicked off the week higher following sharp declines last week, buoyed by expectations that major producers will cut more of their supplies in a bid to whittle down the still-high global inventories.

The election of Emmanuel Macron, a pro-free trade centrist, as France’s next president also helped to assuage concerns that the European economy may see further headwinds.

Read:Investors are breathing a sigh of relief over France, for now

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June CLM7, +1.23% traded at $46.81 a barrel, up $0.59, or 1.3% in the Globex electronic session.

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