Oil rises as OPEC's output cuts set to continue, U.S. drilling activity slumps
SINGAPORE - Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling U.S. drilling activity.
U.S. West Texas Intermediate crude oil futures were at $56.29 per barrel at 0156 GMT GMT, up 22 cents, or 0.4 percent from their last close.Oil markets have been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries and some non-affiliated allies like Russia - known as the OPEC+ alliance. OPEC+ has pledged to cut 1.2 million barrels per day in crude supply since the start of the year to tighten markets and prop up prices.
“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said.
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