Oil prices rose for a fourth straight session Monday, amid rising expectations for a 9-month output-cut deal extension ahead of the Organization of the Petroleum Exporting Countries' (OPEC) meeting later this week.

Saudi Arabia and Iraq agreed Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet later this week, according to the Reuters.

It is widely expected that the deal will be extended, with the only real questions being for how long and whether cuts will be more severe.
Optimism regarding a new deal has helped oil prices rebound about 10 percent over the past two weeks.

The West Texas Intermediate for June delivery increased 0.40 U.S. dollar to settle at 50.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.26 dollar to close at 53.87 dollars a barrel on the London ICE Futures Exchange.