U.S. government debt prices were higher on Monday as investors assessed the possibility of OPEC agreeing to a production cut this week.
U.S. crude settled at $47.08 a barrel, up 2.21 percent, after Dow Jones reported the Iraqi oil minister said Iraq will cooperate with other OPEC members to reach a deal. OPEC members are holding bilateral meetings as they try to reach an agreement at a general meeting on Wednesday.
Oil prices had traded lower earlier on Monday after Libya's National Oil Corporation (NOC) said on Sunday it would not take part in any OPEC production cuts for the "foreseeable future", according to Reuters, and the Saudi Arabian Energy Minister Khalid al-Falih also said that he believed the oil market would balance itself next year even if producers did not intervene.
On the data front, the Dallas Fed manufacturing survey rose to 8.8 in November from 6.7 in October.