Oil prices climbed over $2 a barrel on Monday ahead of a meeting of OPEC= producers later in the day to decide on supply.
Benchmark Brent crude futures jumped 2.6 percent to $95.44 a barrel, while WTI crude futures were up 2.6 percent at $89.10.
The Saudi-led Organization of the Petroleum Exporting Countries and its allies led by Russia, together known as OPEC+, will meet later today to decide on output cuts to support prices.
The oil producer group may leave output targets unchanged for next month despite supplies remaining tight.
Last month, Saudi Arabia, the de facto leader of the group, flagged the possibility of output cuts to support prices.
Meanwhile, the EU countries' energy ministers will meet on Sept. 9 to discuss options to rein in soaring energy prices after Russia halted the flow of natural gas.
Moscow was reacting to a decision announced Friday by the Group of Seven finance ministers to cap the price of Russian oil.
European gas prices soared 30 percent in early trading today as the energy crisis threatened to turn into an economic and financial crisis.
