Oil futures closed at more than two-month highs on Monday afternoon, as news of a producers' meeting next week added to bullish sentiment driven by the threat of U.S. sanctions against OPEC-member Venezuela.
U.S. West Texas Intermediate (WTI) futures ended Monday's session up 46 cents, or nearly 1 percent, at $50.17 a barrel, it's best settle since May 24. The contract was up nearly 9 percent in July, the strongest monthly gain for WTI since April 2016.
Brent crude futures pared earlier losses to trade up 1 cent at $52.54 a barrel by 2:17 p.m. ET (1817 GMT).
U.S. crude had jumped above $50 a barrel for the first time in two months early in the session, after U.S. officials said sanctions on Venezuela could be announced as early as Monday.
The United States is considering imposing sanctions on the country's oil sector in response to Sunday's election of a constitutional super-body, which Washington has denounced as a "sham" vote.