Investing.com - Oil prices were up by almost 2% on Monday on renewed hopes OPEC will agree to cut output.
U.S. crude was up 92 cents, or 1.98%, at $47.28 at 06:45 ET, while Brent crude added 1.94% to $47.77.
OPEC members are currently negotiating to deliver a planned cut in output to 32.5-33 million barrels a day.
Russian President Vladimir Putin said Sunday he sees a “high probability” of an accord.
Putin also said Russia is willing to freeze production at current levels.
Any deal is likely to have a limited impact on addressing the persistent supply glut.
Baker Hughes weekly figures Friday showed the number of rigs operating in the U.S. rose by 19 to 471.
The dollar index was lower. A weaker dollar underpins demand for oil.