25.09.201708:26:00UTC+00Oil In Rally Mode On OPEC Progress

Crude oil futures rose Monday morning after OPEC and Russia said their supply quota plan was helping to re-balance oil markets.

OPEC and Russia are expected to extend their supply cuts into 2018, but will wait until later this year to announce such a move, according to reports from OPEC's meeting in Vienna on Friday.

OPEC and its allies will need to extend their crude production cuts beyond March 2018 to end the global supply glut, BP's top executive told Bloomberg today.

Demand from U.S. refineries will be picking up in the aftermath of Hurricane Harvey, keeping oil around $50 a barrel for the time being. WTI light sweet oil was up 70 cents at $51.35 a barrel, the highest since June.