U.S. oil prices settle higher, but off the session's best levels

U.S. oil futures climbed Monday, but settled well below the session's high above $60 a barrel. The market expects the Organization of the Petroleum Exporting Countries to announce an agreement between the cartel and allied producers to extend their production-cut pact by six to nine months, according to reports. OPEC's official press conference has been delayed by more than three hours so far, however, because of wrangling over a charter enshrining the OPEC+ alliance, according to Bloomberg. August West Texas Intermediate oil rose 62 cents, or 1.1%, to trade at $50.09 a barrel on the New York Mercantile Exchange, following an intraday high of $60.28.

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