Oil prices turned higher Monday on speculation that oil-producing nations might be willing to agree to output cuts to shrink the global glut of crude oil.
An oversupply of crude oil has sent oil prices plunging to six-year lows in recent months, and many market watchers don’t expect prices to recover until late 2016 or 2017. The U.S. benchmark dipped below $40 a barrel last week for the first time since 2009.
Light, sweet crude for October delivery recently rose $2.28, or 5.1%, to $47.50 a barrel on the New York Mercantile Exchange. Prices are on track for the highest settlement since July.
Brent, the global benchmark, rallied $2.21, or 4.2%, to $52.26 a barrel on ICE Futures Europe.
Both benchmarks entered a bull market during intraday trading, defined as a 20% gain from a recent low. Both contracts are trading up more than 20% from their lows hit Aug. 24.
Brazil Energy Insight 
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