22.05.201714:37:00UTC+00Oil Extends Gains Above $50

Crude oil futures rose Monday, extending recent gains on expectations OPEC will keep its supply quota plan in place for nine more months.

Saudi Energy Minister Khalid al-Falih is meeting with Iraqi officials to hammer out the details of the agreement.

"Everyone I talked to inside OPEC agrees with the nine-month (extension)" al-Falih told a press conference in Baghdad. "I do not expect any objection to that trend."

Meanwhile, German Chancellor Angela Merkel said the euro is "too weak." The dollar softened on her remarks, boosting oil prices.

June WTI oil was up 40 cents, or 0.8%, to end at $50.73/bbl on expiration day for this contract. July WTI oil settled at $51.13/bbl, up 46 cents, or 0.9%.