Oil up in choppy trade as OPEC makes last-ditch bid to save deal

Oil prices gained more than 2 percent on Monday in volatile trading after falling as much as 2 percent, recouping losses as the market reacted to the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday, Reuters reported.

U.S. West Texas Intermediate crude futures CLc1 rose 99 cents to $47.05 a barrel, a 2.2 percent gain by 10:44 a.m. ET. Brent crude LCOc1 rose 98 cents to $48.22 a barrel, a 2.1 percent gain.

Trading turned choppy after prices tumbled more than 3 percent on Friday as doubts grew over whether the Organization of the Petroleum Exporting Countries would reach agreement to help curb a global supply overhang that has more than halved prices since 2014.

Market watchers expected prices to remain volatile until OPEC's Wednesday meeting offers the market a definitive answer as to whether OPEC and non-OPEC producers can agree cuts.