Oil gains on report of OPEC production restraint plan

Crude oil futures surged almost three per cent Monday following a report in the Wall Street Journal that said some OPEC members had called for restraint on output. Oil futures were up $1.05 US to $42.85 US a barrel just before 3 p.m. ET in New York trading. The bullish mood was further boosted by a statement from Qatar's energy minister, who said oil prices are expected to rise in the latter part of 2016, Bloomberg said.