Investing.com – Oil was higher Monday as hopes grew about a possible accord among major producers to cap output.
U.S. crude was up 54 cents, or 1.24%, at $44.16 at 06:45 ET, while Brent crude added 1.16% to $46.30.
Venezuelan President Nicolas Maduro has been quoted as saying OPEC and non-OPEC members are “close” to a deal to freeze output.
Major producers are due to hold an informal meeting later this month in Algeria.
Fighting around Libyan oil ports also eased concerns about a global glut in oil supplies.
Baker Hughes data Friday showed the number of rigs operating in the U.S. rising by two to 416, the most since February.
The dollar index was down 0.2%. A weaker dollar support demand for oil.