Brent crude oil prices rose on Monday to their highest in nearly nine months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing.
The November Brent contract was up 75 cents, or 1.3 percent, at $57.61 a barrel by 7:32 a.m. ET (1132 GMT). Brent earlier hit its highest level since January 3 and was trading within a dollar of its 2017 high of $58.37.
U.S. crude for November delivery was down 36 cents at $51.02, hitting a fresh four-month high.
"The market is OK, but these levels are beginning to look a little precarious," said Robin Bieber, technical chart analyst at London brokerage PVM Oil Associates. "The key to further upside is Brent staying over $56.65. WTI has no target higher until it can close over the 200-day at $51.01."