Crude oil futures bounced back and moved higher on Monday, amid optimism over Hurricane Irma's less destructive path through Florida. Also, Saudi Arabia said it is open to another supply quota extension. Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. In May, OPEC and non-OPEC members agreed to extend production cuts of 1.8 m barrels per day for a period of nine months until March 2018 but rising production from the U.S., Nigeria and Libya has undermined the oil cartel’s efforts to curb excess supply.

Benchmark crude oil futures for October delivery ended higher by $0.59 or 1.2 percent to $48.07 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended lower by 0.04 percent at $53.76 a barrel on the ICE.

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