Oil prices diverged on Monday in volatile trading, bolstered by statements from major oil-producing countries suggesting that OPEC and non-OPEC supply cuts could be extended 9 months into the first quarter of 2018, but higher U.S crude output kept global supply glut in question. Front-month U.S. West Texas Intermediate crude futures closed up 0.06 percent to $46.50 a barrel. Front-month Brent crude futures settled 0.04 percent down to $49.45 a barrel. The spread between the two benchmarks stood at $2.95 a barrel.

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