Oil prices rose Monday, reversing an earlier decline of more than $1 a barrel as OPEC pondered a production increase next month.

After dropping as low as $52.10 per barrel, light, sweet crude for May delivery settled 39 cents higher at $53.71 on the New York Mercantile Exchange, more than $4 below the intraday peak set last Monday, though prices remain 42 percent above year-ago levels. In London, Brent crude futures rose 32 cents to finish at $53.21 a barrel on the International Petroleum Exchange.

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