Crude oil futures ended higher with gain of over two percent on Monday on expectations the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+ will decide to further extend their voluntary output cuts when they meet next week. The said cuts include additional voluntary reduction announced by Russia and Saudi Arabia. Further, the dollar's weakness contributed as well to the jump in oil prices.
Benchmark crude oil futures for December delivery rose $1.79 or about 2.4 percent to settle at $77.83 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $1.85 or nearly 2.30 percent to settle at $82.32 a barrel on London's Intercontinental Exchange.