Oil Prices Notch a Minor Gain As Traders Weigh Prospects For Libya, Nigeria Output Cap

Oil prices settled with a minor gain on Monday as traders looked to the possibility that the Organization of the Petroleum Exporting Countries may set a production cap for cartel members Libya and Nigeria. The Wall Street Journal reported Monday that the two countries, which have been exempt from the OPEC-led output-cut agreement, have been invited to a meeting of major oil producers later this month in Russia. August WTI crude rose 17 cents, or 0.4%, to settle $44.40 a barrel on the New York Mercantile Exchange after losing nearly 3% on Friday.