International benchmark Brent crude traded at $55.51 per barrel at 05.37 GMT on Monday, while American benchmark West Texas Intermediate saw prices of $45.96 per barrel, with both benchmark prices posting gains since Friday’s closing.

Today’s gains were the result of expectations that the low prices could push U.S.

Saudi Arabia and Russia both saw their crude oil output reach record high levels in October, with 10.7 million barrels per day (mbpd) and 11.4 mbpd, respectively. (Shutterstock)

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