Crude oil futures extended their gains to the new week, on speculation that Opec will agree to extend output cuts beyond March. Traders even overlooked the concerns over an uptick in Iraqi exports and continued their march higher, rising to an eight-month high amid bullish talk from Opec and non-Opec members on output-cut agreement. OPEC Secretary General Mohammad Barkindo said Russian-Saudi backing for an extension cleared the fog ahead of the group's meeting in Vienna on Nov. 30. Meanwhile, Iraq's southern ports ramp up export capacity by 900,000 barrels per day (bpd) to 4.6 million bpd.

Benchmark crude oil futures for December delivery ended higher by $0.25 or 0.5 percent at $54.15 a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 0.45 percent to $60.59 a barrel on the ICE.

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