Crude oil futures kept their momentum going and ended higher on Monday, traders cheered news of a producers’ meeting slated for next week and possible sanctions from the U.S against Opec-member Venezuela. Some OPEC and non-OPEC members will meet on August 7-8 in Abu Dhabi to assess how the group can increase compliance with production cuts that began at the start of this year. With U.S. production possibly slowing and OPEC determined to re-balance oil markets, there are hopes that crude oil should hang around $50 a barrel for the year. In the week ahead, market participants will eye fresh weekly information on US stockpiles of crude and refined products.

Benchmark crude oil futures for September delivery gained $0.46 or 0.9 percent to $50.17 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by 0.3 percent at $52.62 a barrel on the ICE.

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