Oil Logs Modest Gain To Extend OPEC-fueled Rally

By Mark DeCambre Markets MarketWatch Pulse

Oil futures settled in the green Monday, but pared a firmer rise, as the industry continues to enjoy a bounce inspired by OPEC's historic agreement to cut production. Crude-oil futures traded in positive territory throughout much of the session after shaking off concerns about Italy's rejection of a vote on existing rules to its constitution that resulted in the resignation of Italian Prime Minister Matteo Renzi. Some energy strategists, however, expressed doubts over the ability of the Organization of the Petroleum Exporting Countries and other major oil producers to follow through on plans on complying with and enforcing limits on oil output. West Texas Intermediate crude oil ended up 11 cents, or 0.2%, higher at $51.79 a barrel, but the contract had traded as high as $52.42 a barrel early in New York.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.