Oil prices edged higher on Monday, supported by a rebound in other asset classes after news that U.S. presidential candidate Hillary Clinton will not face charges over her emails, but gains were capped by a rallying dollar and doubts over OPEC's planned production cuts.
U.S. crude futures were also supported by a weekly drop of 442,077 barrels of oil at the U.S. delivery hub in Cushing, Oklahoma for the week ended Nov. 4, according to traders citing energy monitoring service Genscape.
U.S. West Texas Intermediate (WTI) crude settled up 82 cents, or 1.9 percent, at $44.89 a barrel for its first positive settle in seven sessions.
Brent crude traded at $46.10 per barrel at 2:37 p.m. ET (1837 GMT), up 52 cents, or 1.1 percent, from the previous close.
The Federal Bureau of Investigation said it would not press charges against Clinton over her use of a private email server. That indicated worse prospects for Republican candidate Donald Trump, whose stance on foreign policy, trade and immigration have unnerved the market.
"There's a little bit less of a concern about the economy falling apart," said Phil Flynn, analyst at Price Futures Group in Chicago.