Oil prices hit one-month highs on Monday, gaining about 10.8 percent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut.
Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures last week added to the bullish sentiment, said traders who saw the data.
Brent crude was up $1.37, or 2.92 percent, at $48.33 per barrel. Brent has gained about 10 percent cumulatively in the past three sessions, its most in such a stretch since May. Since the start of August, it is up about 13 percent.
U.S. West Texas Intermediate (WTI) crude rose $1.25, or 2.81 percent, to $45.74 a barrel, after rallying earlier to $45.75, a peak since July 18. WTI has gained about 10 percent on the month.