U.S. stocks kicked off the trading week higher on Monday as oil prices gained over 1%. Crude rallied amid hopes of a production freeze among the world’s biggest oil producers, something the president of Venezuela hinted at, according to news reports. Though OPEC’s Secretary General said next week’s OPEC meeting was an informal one and not meant for making decisions. Either way, Josh Mahony, a market analyst with IG Markets, based in London, doesn’t see oil prices moving above $50 even if a deal is reached.
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