09.06.201409:11:00UTC+00Crude Oil, Natural Gas Higher On U.S. Demand Outlook

Crude oil prices rallied Monday morning amid mounting evidence that the U.S. economic recovery is back on track.

A relatively upbeat jobs report released Friday showed unemployment stable at 6.3 percent as the economy generated 217,000 jobs in May.

Meanwhile, reports say OPEC will probably maintain its production target at 30 million barrels a day at a meeting in Vienna on Wednesday.

Bilateral talks between OAO Gazprom and NAK Naftogaz Ukrainy over Ukraine's gas debts are planned for today in Brussels.

U.S. crude oil was up $0.85 at $103.50 a barrel, while natural gas edged up a bit to $4.736 per million btu.

Looking at the U.S. economic calendar, two Fed speakers are on tap for Monday. St. Louis Fed President James Bullard appears at 9:10 a.m. Eastern and Boston Fed Pres. Eric Rosengren at 1:30 p.m. Eastern.

U.S. weekly unemployment claims, consumer sentiment and retail-sales results are on tap for later in the week.