Oil prices moved higher Monday after members of the Organization of the Petroleum Exporting Countries, meeting with some nonmember allies over weekend, signaled that the cartel wants to extend production cuts through the end of 2019.
OPEC and non-OPEC members, such as Russia, met in Jeddah, Saudi Arabia, on Sunday to explore production options that will be decided at a June summit in Vienna. Last December, the group agreed to cut output by a collective 1.2 million barrels a day, a move that has driven gains for oil prices this year, though the agreement expires at the end of June.
West Texas Intermediate crude for June delivery climbed 15 cents, or 0.2%, to $62.91 a barrel on the New York Mercantile Exchange, off earlier highs, but still hovering near levels not seen since early May, according to FactSet data. Prices closed up 1.8% last week.
Global benchmark July Brent rose 28 cents, or 0.4%, to $72.49 a barrel on ICE Futures Europe after climbing 2.3% last week.
Source : MarketWatch