Crude hit a one-month high Monday on hopes that the prolonged oil-price rout may drive major producers to reconsider a collective production cap. Brent crude, the global oil benchmark, rose 0.9% to $47.38 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.8% at $44.86 a barrel. Prices have gained since Saudi Arabia Energy Minister Khalid al-Falih last week signaled his country was open to measures to stabilize the market, which has been beleaguered by oversupply for two years. Saudi Arabia, the biggest producer among members of the Organization of the Petroleum Exporting Countries, is historically seen as the de facto leader of the oil cartel. The 14-member bloc is scheduled to meet at an informal gathering late next month. Saudi Arabia Energy Minister Khalid al-Falih signaled his country was open to measures to stabilize… The idea of […]