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Oil prices jumped on Monday as optimism rose that major producers might reach a price support deal, helping US stocks to notch a fifth straight session of gains. Brent hit its highest level since December, climbing USD 2.12, or 5.5 percent, to settle at USD 40.84 a barrel, while US crude rose USD 1.98, or 5.5 percent, to settle at USD 37.90. Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market.
On Monday, the Ecuadorean government said Latin American oil producers agreed to meet on Friday in Quito to coordinate a strategy to support crude oil prices.
In other commodities markets, spot iron ore prices jumped 19 percent, helped by expectations that Chinese steel mills were planning production cuts.