NEW YORK (TheStreet) -- Oil prices are rising by more than 2% on Monday morning following positive rhetoric over the weekend about next week's OPEC meeting and the likelihood of a deal to cut production levels.
Russia's President Vladimir Putin said his country would freeze its oil output. Putin also believes there is a strong probability that OPEC will come to a deal at the Nov. 30 meeting in Vienna.
"We're seeing this talk about the deal, now remember the deal has always fallen apart in the past," RJO Futures Phillip Streible said on Bloomberg Daybreak: Americas Monday.
There has been some positive upside momentum for oil, despite headwinds such as a strong dollar. As a result, Streible sees oil hitting $50 per barrel heading into the OPEC meeting. He sees $50 as the year-end target.
"The reason why I don't see prices going much higher than that is because I strongly believe that the Fed's going to raise rates at the Dec. 14 meeting. I think that will kind of curb some of the optimism there. I can see producers selling a lot of call options, buying puts and really trying to hedge their production going forward," Streible said.