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Crude oil futures rose Monday, as traders looked ahead to OPEC's meeting in Vienna.
The cartel is expected to announce it is extending its supply quota plan by nine months in an effort to re-balance oil markets and drive prices toward $60.
"Everybody I talked to... expressed support and enthusiasm to join in this direction, but of course it doesn't preempt any creative suggestions that may come about," Saudi oil chief Khalid al-Falih said. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers, if they wish to join, will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018."
This morning, crude oil is up 65 cents at $51 a barrel, the highest in more than a month.
