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Oil prices climb on expectation of OPEC-led output cut

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016.

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 LCOc1 were trading at $47.35 per barrel at 0023 GMT (7.23 p.m. ET), up 49 cents, or 1.05 percent, from their last settlement.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 0.98 percent, or 44 cents, at $46.14 a barrel.

Traders said that markets were being supported by advancing plans by the...