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Oil prices rose more than 1% on Monday, extending last week’s gains as traders eyed a recovery in demand due to successful coronavirus vaccine trials.

Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, might extend a deal to restrain output.

Brent crude rose 92 cents, or 2%, to $45.89 a barrel, while West Texas Intermediate crude settled 64 cents, or 1.51%, higher at $43.06 per barrel. Both benchmarks jumped 5% last week.

The contango structure in the market, where the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to 32 U.S. cents, its smallest since mid June, indicating that concerns about a glut were receding.