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]Oil is rising and Brent is hovering near $ 70
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Oil prices rose, Monday, with Brent crude declining near $ 70 a barrel, supported by production cuts from major producers and optimism about the global economy and a recovery in fuel demand in the second half of the year.
May Brent crude futures rose 50 cents, or 0.72%, to $ 69.72 a barrel by 05:28 GMT, while US West Texas Intermediate crude for April was at $ 66.13 a barrel, up 52 cents, or 0.79%.
The supply cuts come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, decided earlier this month to extend most of the supply cuts until April.
Investors are expecting China to release positive economic data on Monday, which supports stronger growth expectations in the world's second largest oil consumer.
Separately, US energy companies cut the number of oil and natural gas platforms operating by one in the first weekly decline since November, which gave an additional boost to the rise in oil prices.
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