Oil futures were firmer in New York Monday as expectations built that OPEC, which is meeting this week, is set to reduce its production targets.

Near-term light, sweet crude contracts were up $3.57 to $75.42 a barrel, and Brent crude was higher by $3.07 at $72.67.

Reformulated gasoline was gaining 8 cents to $1.74 a gallon, and heating oil was adding 11 cents to $2.25 a gallon. Natural gas was fractionally stronger at $6.80 per million British thermal units.

The gains in the energy complex came after reports that OPEC oil ministers could vote at their upcoming meeting and again in December to cut output by as much as 2 million barrels a day in total. In just three months, oil futures have dropped 50%, and removing supply from the market could bolster prices.

Among stocks, Exxon Mobil ( XOM) was up 7%. Chevron ( CVX) rose 8%, and ConocoPhillips ( COP) climbed 5%. Hess ( HES) and BP ( BP) had double-digit gains.

The U.S. Oil ( USO) ETF, which tracks crude prices, was better by nearly 5%.
This article was written by a staff member of TheStreet.com.

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