Oil prices soared on Monday after major producers expressed their optimistic expectations over oil market, while Turkey threatened to cut oil flows from Iraq's Kurdistan region toward its ports. Front-month U.S. West Texas Intermediate crude futures jumped 2.90 percent at $52.13 a barrel. Front-month Brent crude futures surged 3.90 percent to $59.12 a barrel. The spread between the two benchmarks stood at $6.99 a barrel.

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