Oil futures surged Monday, with global benchmark crude prices scoring their highest settlement in nearly four years and U.S. benchmark crude finishing the session at a more than two-month high. Major oil producers declined to commit to an additional increase in crude output to address expected supply disruptions at a closely watched producer meeting over the weekend. November Brent rose $2.40, or nearly 3.1%, to settle at $81.20 a barrel on the ICE Futures Europe exchange, following a weekly advance for crude of 0.9%. Global benchmark oil futures marked the highest settlement Nov. 12, 2014, according to Dow Jones Market data. November West Texas crude settled $1.30, or 1.8%, higher at $72.08 a barrel on the New York Mercantile Exchange, following a weekly gain of more 2.6%. Prices, based on the front-month contracts, settled at the highest level since July 10. A committee made up of some members of the Organization of the Petroleum Exporting Countries and nonmember crude producers, known as the Joint OPEC-non-OPEC Ministerial Monitoring Committee, over the weekend in Algiers delivered no formal plan to boost output to offset an estimated 2 million barrels a day of oil that will be lost due to U.S. sanctions on Iran’s exports set to take effect Nov. 4. (source: marketwatch)