Oil rises on fresh production freeze calls report

U.S. West Texas Intermediate (WTI) crude futures were at $42.40 per barrel, up 60 cents, or 1.44 percent. The rise came on the back of a Wall Street Journal report late last week about fresh calls by some members of the Organization of the Petroleum Exporting Countries to freeze production levels in a bid to rein in output that has consistently outpaced demand.