U.S. benchmark oil futures settled higher on Monday for the first time in three sessions, getting a lift following a report that the Organization of the Petroleum Exporting Countries and its allies may agree later this week to deeper production cuts. Reuters reported the group of producers, collectively known as OPEC+, may consider increasing output reductions by 400,000 barrels a day to 1.6 million barrels a day. Against that backdrop, January West Texas Intermediate oil CLF20, +1.40% tacked on 79 cents, or 1.4%, to settle at $55.96 a barrel on the New York Mercantile Exchange. Prices posted losses on Wednesday and Friday, with trading closed Thursday for the Thanksgiving holiday.

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Oil prices get a boost from upbeat China data and talk of deeper OPEC output cuts

Oil futures settled higher on Monday, buoyed by signs of a rebound in manufacturing activity in China as well as the potential for OPEC and its allies to agree on deeper production cuts when they meet later this week.