Crude oil prices rose on Monday with futures of Brent and WTI rising around 1 per cent.
Currently, the January contract of Brent crude on the Intercontinental Exchange (ICE) is trading at $43.20 per barrel, higher by 0.98 per cent from its previous close.
The December contract of WTI crude on the NYMEX is trading at $40.66 per barrel, higher by 1.32 per cent from its previous close.
The rise in oil prices came on hopes that OPEC and its allies will continue to curb output.
The cartel of OPEC and its allies including Russia, known as ‘OPEC+’, has been cutting production by about 7.7 million barrels per day.
‘OPEC+’ is due to hold a meeting on Tuesday which may suggest changes to production quotas when all the ministers meet on November 30 and December 1.
In the past few months, weak demand for fuel amid the pandemic has weighed on the global crude prices.