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Oil gains over 1% as Saudi stands by OPEC output cuts, US drilling drops

OPEC is expected to review global oil demand and supply balance as the group maintains production cuts during the April meeting, a senior Gulf oil official said on Monday

Saudi Arabia  |  Opec  |  Oil Prices

Reuters  |  New York 

Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. Brent crude futures were up 84 cents, or 1.28 percent, to settle at $66.58 a barrel. US West Texas Intermediate (WTI) crude futures rose 72 cents, or 1.28 percent, to settle at $56.79 a barrel, a 1.28 percent. Falih told Reuters on Sunday it would be too early to change a production curb pact agreed by the Organization of the Petroleum Exporting Countries and allies including Russia before the group's ...

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First Published: Tue, March 12 2019. 01:51 IST