Oil prices gained more than 2 percent on Monday in volatile trading, recouping losses as the market reacted to the shaky prospect of major producers being able to agree to output cuts at a meeting on Wednesday.
OPEC was scrambling to rescue the deal on Monday, with analysts warning of a sharp price correction if the producer group fails.
After falling as much as 2 percent, prices spiked as Iraq’s oil minister said the country would cooperate with the group to reach an agreement “acceptable to all.”
Brent crude futures fell as far as 2.1 percent before trading up $1.01 at $48.25 per barrel by 10:06 a.m. (1506 GMT).
U.S. West Texas Intermediate (WTI) crude futures were trading up $1, or 2.2 percent, at $47.06 per barrel.
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