Oil futures on Monday scored a second straight session gain. Expectations for the upcoming Sunday meeting of the Organization of the Petroleum Exporting Countries and their allies are likely to “figure heavily into the evolution of trading this week,” said Robbie Fraser, manager, Global Research & Analytics, at Schneider Electric. Amid recent bearishness, “several sources have suggested that OPEC+ members are considering deeper cuts beyond existing cuts and voluntary commitments made by Saudi Arabia and Russia,” he said. December West Texas Intermediate crude CLZ23 rose $1.71, or nearly 2.3%, to settle at $77.60 a barrel on the New York Mercantile Exchange on the contract’s expiration day. January WTI oil CLF24, which now the front-month contract, settled at $77.83, up $1.79, or almost 2.4%.
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