Oil prices rose more than 1% in Monday's trading as coronavirus infections surpassed 19.8 million globally, and hopes for a stimulus deal to shore up the US economic recovery.
Brent crude futures rose 40 cents, or 0.9% to $44.80 a barrel, while US West Texas Intermediate (WTI) crude futures gained 50 cents, or 1.2%, to $41.72 a barrel.
Additionally, Brent crude futures for October delivery rose 1.1% to $44.88 a barrel at 8:55 am, while US Nymex crude for September delivery climbed 1.5% to $41.82 a barrel.
OPEC is also scheduled to release its July monthly production report on Wednesday.
Last month, OPEC and allies agreed to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.
In addition, OPEC expected global oil demand to soar by a record 7 million barrels per day (mbpd) in 2021.
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