New York — Oil prices rose over 3% to a three-week high on Monday, catching a lift from a weaker dollar, as major oil producing countries appeared to be moving closer to agreeing to limit output. Brent crude oil has risen 11% in a week since Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (Opec), started a diplomatic charm offensive to persuade the group’s more reluctant members to join its proposed output plan. Opec members are due to agree a world oil freeze pact with non-Opec countries on November 30. In the last several days, several members of the group, including Iran, along with nonmember Russia, have suggested they are likely to agree to a deal to limit output. "When you’ve got all of the major players on board with a production cut, obviously you’re very close to getting a deal done," said Phil Flynn, senior market analyst at Price Futures Group in Chicago. "You never know with Opec — sometimes they go to the last minute and there ...
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