Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy, a drop in crude output from OPEC and the U.S., and a pledge by Saudi Arabia to limit market volatility, suggesting a 20-month selloff could be hitting a bottom.<br />U.S. government data showed U.S. crude oil output in December fell for a third straight month to the lowest since December 2014, while oil demand rose for the first time since August, government data showed.<br />Output from the Organization of the Petroleum Exporting Countries fell in February from the highest monthly level in recent history, a Reuters survey found, due to a halt in Iraq's northern exports and outages in other producers.
