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Oil rebounds; Russia says crude output will be flat in 2017

Oil prices turned higher on Monday as Russia said its crude output would remain flat next year, though banks dampened hopes that a meeting of producers aimed at freezing current production levels would improve the current supply-demand balance.

Russian oil production is seen unchanged in 2017 compared to an expected increase in 2016, Russian Energy Minister Alexander Novak told reporters on Monday.

Brent crude futures, the global benchmark, were up 49 cents at $42.43 a barrel at 8:39 a.m. ET (1239 GMT), after earlier retreating from a three-week high reached on Friday.

Oil prices rallied more than 6 percent last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009.

U.S. WTI crude also eased on Monday, rising to...