Oil Climbs as Iraq Pledges to Cooperate With OPEC on Output Deal

Futures gained 2.2 percent in New York, reversing an earlier decline. Iraq's Oil Minister Jabbar al-Luaibi said Monday he's "optimistic" a deal will be reached at OPEC's summit in Vienna on Wednesday. However, after hours of discussions on Monday, an OPEC committee didn't reach agreement on production cuts during high-level talks in Vienna, according to a delegate. Iran and Iraq still have reservations on cuts, the delegate said.

Saudi Arabia previously said that the producer group doesn't necessarily need to curb oil output, after pulling out of a scheduled meeting with non-members including Russia.

... If OPEC fails to reach an output deal this week, oil prices may fall to the $20s, Amrita Sen, Energy Aspects Ltd. chief oil analyst, said in a Bloomberg Television interview in Vienna on Monday.