Oil prices rallied on Monday on hopes of greater cooperation between major oil producers but gave up some of the gains as investor’s questioned the likelihood of any plans gaining traction. Brent crude, the global oil benchmark, rose 2.5% to $48.11 a barrel on London’s ICE Futures exchange after rallying more than 5% in earlier trade. West Texas Intermediate futures, the U.S. crude benchmark, were trading up 2.4% at $45.52 a barrel. Speaking ahead of a meeting between major oil producers later this month, Saudi and Russian energy officials agreed to form a working group to monitor the market. The talks between the two heavyweight suppliers fueled hopes that major producers will agree to an output freeze amid concerns about the persistent glut in the market. Saudi energy minister Khalid al-Falih called the agreement […]