Oil prices rallied Monday, with West Texas Intermediate crude marking a more than five-month high and Brent crude settling at its highest level since 2015. “Oil prices have been going higher in recent weeks due, first and foremost, to evidence that OPEC and Russia’s efforts to reduce the global supply glut was showing positive results and that the group was somewhat surprisingly sticking to their agreement,” said Fawad Razaqzada, technical analyst at Forex.com. “Talks that the production cuts could be extended has been providing further confidence to oil investors that the rally could be sustained,” he said. November WTI crude rose $1.56, or 3.1%, to settle at $52.22 a barrel on the New York Mercantile Exchange. November Brent crude rose $2.16, or 3.8%, to end at $59.02 on ICE Futures Europe.
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