Crude oil prices settled up more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia’s willingness to meet other major oil producers to discuss the market.
Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities.
Global crude benchmark Brent settled at $49.25 a barrel, up $1.12 or 2.3 percent.
U.S. oil’s benchmark West Texas Intermediate (WTI) crude
rose 72 cents, or 1.6 percent, tofinish at $46.26.
Gasoline surged 3 percent, helping drive up prices for both crude and other refined fuels.
The U.S. Energy Information Administration (EIA), which reports official weekly storage data on Wednesday, said in its last report that inventories rose about 4 million barrels in the week to Sept. 25.
Market intelligence firm Genscape estimated on Monday a drop of just about 150,000 barrels at the Cushing, Oklahoma storage hub for U.S. crude in the week to Oct. 2, traders who saw the data said.
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