WASHINGTON (dpa-AFX) - Crude oil futures continued to rise Monday amid hopes the global oil supply glut will end in 2018.
Dec. WTI oil climbed 25 cents, or 0.5%, to settle at $54.15/bbl. That's the highest since February.
Saudi Arabia is pushing to extend its supply quota plan with Russia until production is more balanced with global demand, according to reports citing its oil minister.
In economic news, U.S. personal income rose in line with economists in the month of September, There was also a bigger than expected jump in personal spending.
The report said personal income climbed by 0.4 percent in September after edging up by 0.2 percent in August.
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