Crude oil futures extended their gains on Monday, amid growing expectations that producers will extend output cuts sooner rather than later. Traders also cheered signs that the market is starting to re-balance. OPEC members expressed an eagerness to reach a decision this year, fueling expectations that an extension to the global accord to curb production beyond the March 2018 will be agreed sooner rather later. Though, traders were keeping a close eye on North Korea tensions.

Benchmark crude oil futures for November delivery ended higher by 3.1 percent at $52.22 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained 3.5 percent to $58.87 a barrel on the ICE.

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