With OPEC members heading toward a possible showdown this week at their meeting in Vienna, crude prices rallied Monday as traders bet that major oil producers can still reach an agreement to cut production. U.S. crude futures climbed $1.02, or 2.21%, to $47.08 a barrel on the New York Mercantile Exchange. The global crude benchmark Brent rose $1, or 2.12%, to $48.24 a barrel on London’s ICE Futures Exchange. Members of the Organization of the Petroleum Exporting Countries have been trying for months to strike a deal to reduce output and ease a global glut of crude. In late September, the group announced a tentative plan to implement production cuts. But they left out important details, guaranteeing volatility for oil in the run-up to the group’s Nov. 30 meeting. Arriving in Vienna, Iraq Oil Minister Jabar al-Luaibi said Monday that he was confident OPEC would reach an agreement this […]