Oil prices gain 1% amid possible OPEC output cut

Oil prices rose around one percent on Monday morning amid talks of production cut by OPEC towards year-end.

International benchmark Brent crude futures were trading up at 58 cents, or 0.9 percent, at $67.34 per barrel, while the US West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2 percent, at $57.14 a barrel.

Despite early gains, crude prices remain nearly a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.

“The market’s bullish radar is still waiting for OPEC+ to deliver a sizeable cut number,” Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore told Reuters.