Oil Futures Jump 8.8% To Highest Close Since July 21

By Myra P. SaefongMarketWatch Pulse

Oil futures rallied Monday after a bulletin from the Organization of the Petroleum Exporting Countries showed concern over the low prices of oil and a report the U.S. Energy Information Administration showed a decline in June oil production. October oil settled at $49.20 a barrel on the New York Mercantile Exchange, up $3.98, or 8.8%, rebounding from lows under $44 a barrel. Prices were up about 4.4% from the July 31 settlement of $47.12 for the September contract.

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