Crude oil prices rose more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia’s willingness to meet other major oil producers to discuss the market.
Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities.
Global crude benchmark Brent rose by $1.35, or 2.7 percent, to $49.48 a barrel by 1:20 p.m. EDT (1720 GMT) after striking a session high at $49.87.
U.S. crude was up 96 cents, or 2 percent, at $46.50 after an intraday peak at $46.94.
Gasoline surged nearly 4 percent, helping drive up prices for both crude and other refined fuels.
“Fuel products are leading the way today though they also seem to be deriving their strength from the broader risk appetite contributed by the equities rally,” said Peter Donovan, broker at Liquidity Energy in New York.