Oil futures rally on fresh hopes for a production freeze

Crude climbed on Monday on hopes that low prices will drive major oil producers to reconsider a collective production freeze in a bid to boost the market.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.22%  jumped 54 cents, or 1.2%, to $45.03 a barrel. October Brent crude on London’s ICE Futures exchange LCOV6, +0.11%  rose 49 cents, or 1%, to $47.45 a barrel.

Prices have hovered around a three-week high since Saudi Arabia’s energy minister Khalid al-Falih last week signaled his country was open to measures to stabilize the market, which has been beleaguered by oversupply for two years. Saudi Arabia, the biggest producer among members of the Organization of the Petroleum Exporting Countries, is historically seen as the de facto leader of the oil cartel.

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