On Monday, crude prices gained approximately 1%, as producer cartel OPEC got closer to an output cut for the purpose of reining oversupply, which has kept crude prices low for over two years.
International Brent crude oil futures were worth $47.35 a barrel, up 49% from their last settlement. Meanwhile, American West Texas Intermediate crude futures added 0.98%, showing $46.14 a barrel.
Market participants told that financial markets were being backed by advancing plans by the Organization of the Petroleum Exporting Countries to diminish output in a bid to prop up the energy market following over two years of low prices as a result of oversupply.
Such an agreement has proved tricky to agree as some crude producers, most notably Iran, have been reluctant to diminish their output.
However, an agreement has become more probable, as Iran, keen to raise output after international sanctions against it were canceled last January, was supposed to be provided with an exemption if it agrees to cap its output rather than cutting it.
