Oil futures on Monday headed modestly higher amid reports that Saudi Arabia planned to extend efforts to reduce crude exports, according to reports.
April West Texas Intermediate crude rose 35 cents, or 0.6%, to $56.42 a barrel on the New York Mercantile Exchange, after prices rose 0.5% last week, according to Dow Jones Market Data.
Global benchmark May Brent crude gained 46 cents, or 0.7%, to $66.20 a barrel on ICE Futures Europe, after the contract registered a weekly rise of 1% on Friday.
Reuters cited Riyadh’s oil minister in reporting that Saudi Arabia plans to cut its oil exports to below 7 million barrels a day, while keeping its output “well below”10 million a barrel, in an attempt to alleviate a glut of supply.
Source : Marketwatch