Crude up over 2 percent as gasoline jumps, Russia mulls oil talks


Crude oil prices settled up more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia's willingness to meet other major oil producers to discuss the market.

Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities. [MKTS/GLOB]

Global crude benchmark Brent settled at $49.25 a barrel, up $1.12 or 2.3 percent.

U.S. oil's benchmark West Texas Intermediate (WTI) crude rose 72 cents, or 1.6 percent, to finish at $46.26.

Gasoline surged 3 percent, helping drive up prices for both crude and other refined fuels.

"Fuel products are leading the way today though they also seem to be deriving their strength from the broader risk appetite contributed by the equities rally," said Peter Donovan, broker at Liquidity Energy in New York.

Russia, one of the world's top three oil producers, said it was prepared to meet OPEC and non-OPEC oil producers to discuss the market

if such a gathering is called. A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said. (by Barani Krishnan, Reuters)