Oil extends rally for 3rd straight session amid hopes of OPEC action

Oil prices on both sides of the Atlantic prolong its winning streak into a third-day today, with markets expectant of some potential action by OPEC to lift the prices, ahead of its meeting next month.

WTI regains $ 45 mark

Currently, both crude benchmarks climb further, with Brent up +1.23% at $ 47.55, while WTI gains +1.40% to 45.12. Oil prices moved further into the green zone this Monday, as speculations surrounding production freeze talks pick-up pace, which may offer some relief to the oil markets.

Moreover, a broadly lower US dollar in response to poor US economic data released Friday, also collaborates to the upbeat momentum in oil prices.

Meanwhile, markets ignored bearish US rigs count data due out on Friday, with the oilfield services company Baker Hughes having showed the number of active rig counts grew by 15 to 396 last week, marking the seventh straight weekly rise.

Heading into a brand new week, focus remains on the crude weekly supplies reports from the US due in the week ahead, for fresh insights on the supply scenario amid omnipresent oversupply worries.