Optimism Over End to Oil Glut

Crude posted its biggest gain in almost two months as the world’s largest oil exporters prepare to discuss global supplies.

Futures rose 2.4 percent in New York on Monday after registering the worst weekly swoon in more than 2 1/2 years. All eyes are on this week’s G20 gathering in Argentina that will include Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin. That event will be followed by a key OPEC meeting next week in Vienna.

US crude production

US crude production currently at 9.5 million barrels a day and expected to add 800,000 to 1 million b.p.d annually. Over the past four weeks, exports averaged 1.7 million b.p.d,…