Futures rose as much as 1 percent in New York. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, 1 million lower than year earlier, Minister of Energy and Industry Khalid Al-Falih said after a meeting with fellow producers. The nations gathering in St. Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria. "Some countries continue to lag" in their compliance "which is a concern we must address head on," Al-Falih told reporters before the meeting ended. While other producers support the recovery in output from Libya and Nigeria "the committee, however, should monitor the impact of such growth in supply on global supply-demand balances." Click Read More below for additional detail.

Oil started the week off with mixed readings after last week’s nearly 5% rise as investor sentiment in black gold continued to be buoyed by hopes of extension to the OPEC-led deal to curb production. U.S. crude showed cautious trade around the unchanged mark Monday with the benchmark unable to hold the $54 mark, though the London barrel managed to extend gains. The U.S. West Texas Intermediate crude December contract slipped 2 cents, or 0.04%, to $53.88 a barrel by 5:12AM ET (9:12GMT). Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.770145; American Dollar to Chinese Yuan = 0.146687; American Dollar to Euro = 1.005682; American Dollar to Japanese Yen = 0.007303; American Dollar to Mexican Peso = 0.049498.