Oil prices rise as traders await next move by OPEC+

Oil futures rose on Monday, finding support as some traders bet on an extension of production cuts by the Organization of the Petroleum Exporting Countries and its allies after crude prices fell last week to four-month lows.

Price action

Market drivers

“There is little doubt at this point that OPEC will extend their production cuts, but there is also growing speculation that they will make another substantial production cut to send the world a message,” said Phil Flynn, senior market analyst at The Price Futures…