Brent crude futures rose to a three-week high in light trading Monday on concerns over a potential OPEC production cut, tightening global market forecasts and U.S. cold weather.

Oil futures on London’s International Petroleum Exchange rose as high as 74 cents, but eased to close up 41 cents at $46.75 a barrel. Trade was hampered by the closure of the New York Mercantile Exchange for the Presidents Day holiday.

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