Investors were anticipating probable actions by OPEC+ producers to reduce output and support prices, which led to an increase in oil prices of more than $2 per barrel.
Brent crude futures had risen 0.7% and added $2.45, or 2.6%, to reach $95.47 a barrel. U.S. After rising by 0.3%, West Texas Intermediate crude was up $2.13, or 2.5%, at $89 per barrel.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are likely to keep oil output quotas unchanged for October, six OPEC+ sources said.
Three of the sources said the producer group could also discuss a small cut of 100,000 barrels per day (bpd).