Oil Futures Settle 4% Higher As Bets For OPEC Output Deal Grow

Oil futures settled higher Monday, with U.S. prices tacking on roughly 4% on growing expectations that the Organization of the Petroleum Exporting Countries will be able to reach a final agreement next week to curb crude output. Vladimir Putin, president of non-OPEC Russia, also reportedly voiced his country's willingness to freeze production. December West Texas Intermediate crude rose $1.80, or 3.9%, to settle at $47.49 a barrel on the New York Mercantile Exchange on the contract's expiration day. January WTI crude , which has become the front-month contract, settled at $48.24, up $1.88, or 4.1%.