Crude oil futures ended higher with rally over five percent on Monday on speculation the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+ will discuss cutting crude output at their upcoming meeting on Wednesday. According to private reports, the OPEC+ may consider cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic, to support falling prices. Further, the dollar index fell for a fourth consecutive day on Monday after touching its highest level in two decades. A cheaper dollar could bolster oil demand and support prices.
Benchmark crude oil futures for November delivery rose $4.14 or 5.2 percent at $83.63 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $3.72 or about 4.37 percent to settle at $88.86 a barrel on London's Intercontinental Exchange.