U.S. oil prices rose to a three-month high Monday on renewed optimism of an OPEC-production deal. Light, sweet crude for November delivery settled up 57 cents, or 1.2%, at $48.81 a barrel on the New York Mercantile Exchange, its fourth-consecutive rise, and ninth in the last 11 sessions. It is the highest settlement since July 1. Brent, the global benchmark, gained 70 cents, or 1.4%, to $50.89 a barrel, its largest daily gains since Sept. 8. It is its highest settlement since Aug. 18. Traders and money managers have been buoyed by the prospect of coordinated action to reduce output to between 32.5 million and 33 million barrels a day from the Organization of the Petroleum Exporting Countries since the members’ met in Algeria. However, several market observers believe that the OPEC deal still has a way to go before it delivers on its early promise. A pumpjack at […]