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Oil rises 0.5 percent as Saudi Arabia sticks to OPEC cuts
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Oil prices rose on Monday, supported by comments from Saudi Energy Minister Khalid al-Faleh, who ruled out ending OPEC-led production cuts before June and a report showing a decline in US drilling activities.
US West Texas Intermediate crude futures were $ 56.36 a barrel by 0738 GMT, up 30 cents, or 0.5 percent, from the previous close.
London Brent crude was up 28 cents to $ 65.02 a barrel.
Despite gains, markets are finding it difficult to keep up as US job data boosted worries over the economic slowdown in Asia and Europe to the United States, where growth remains resilient.
Oil markets have generally received support this year from ongoing production cuts led by the Organization of Petroleum Exporting Countries (OPEC) and some outside allies such as Russia, known as OPEC +. OPEC has pledged to cut production by 1.2 million bpd since the beginning of the year to reduce surplus and support prices.
Saudi Energy Minister Khalid al-Faleh told Reuters on Sunday it would be premature to make a change in Opec + production policy during their meeting in April.
"We'll see what happens by April, and whether there's any unexpected disruption elsewhere, but otherwise I think we'll wait."
Oil prices were supported by the latest weekly report by US energy services firm Baker Hughes, which showed that the number of drilling platforms operating for oil production in the United States fell by nine to 834.
http://economy-news.net/content.php?id=15729
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