Oil futures gained about 1% on Monday on hints the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand. Brent futures for the most active contract for February delivery were up 62 cents, or 1%, to $61.11 a barrel by 1:26 p.m. EST. U.S. West Texas Intermediate (WTI) crude was up 82 cents, or 1.5%, to $55.99. Oil eased off session highs as Wall Street dropped after data showed U.S. factory activity contracted in November and after U.S. President Donald Trump unexpectedly announced plans to reimpose tariffs on steel and aluminium from Argentina and Brazil. Trump “accused both countries of manipulating their currencies to the detriment […]