Oil prices gain on session

Crude oil prices were up during the day on Monday but not as much as might be expected after Saudi Arabia’s oil minister said over the weekend that OPEC will cut production again in December. He discounted the importance of price in the decision and emphasized the principle of balancing supply with demand.

January contracts for Brent crude were 16 cents higher to $60.19 per barrel. Meanwhile, West Texas Intermediate crude for January delivery gained 63 cents to $59.89 per barrel.