Oil prices climb on expectation of OPEC-led output cut

By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose around 1 percent on Monday as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years. International Brent crude oil futures were trading at $47.35 per barrel at 0023 GMT, up 49 cents, or 1.05 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude was up 0.98 percent, or 44 cents, at $46.14 a barrel.