With OPEC members heading toward a possible showdown this week at their meeting in Vienna, crude prices rallied Monday as traders bet that major oil producers can still reach an agreement to cut production.

U.S. crude futures climbed $1.02, or 2.21%, to $47.08 a barrel on the New York Mercantile Exchange. The global crude benchmark Brent rose $1, or 2.12%, to $48.24 a barrel on London's ICE Futures Exchange. Oil prices could fall to $35 a barrel if OPEC deal fails to reach an output deal this week, says JPMorgan.

The bank sees a 60% chance of a successful OPEC deal, down from 75%-80% a month ago, “OPEC deal Failure in Vienna would likely instigate a punitive market share battle between OPEC producers and keep markets oversupplied for 2017," it says.