By Stephanie Kelly
NEW YORK (Reuters) - Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.
Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.56 to $49.52 a barrel, a 3.3 percent gain.
Oil futures have gained about 10 percent since last Monday.
OPEC and its allies are trying to rein in a surge in global supply, driven mostly by the United States, where production surpassed 11 million bpd in 2018. Record high crude oil production has pushed up U.S. inventories.
"The oil market continues to rally as the OPEC and non-OPEC production cuts are taking effect, reducing the oversupply situation that we've been seeing in the market," said Andrew Lipow, president of Lipow Oil Associates in Houston.
U.S. crude inventories at Cushing, Oklahoma, the delivery point for U.S. crude futures, fell by 565,000 barrels from last Tuesday to Friday, traders said, citing data from market intelligence firm Genscape.
More upbeat equity markets also offered support.
Shares have risen on expectations that trade talks this week between the United States and China will ease a trade dispute. Disruptions to trade undermine prospects for economic growth and oil demand. [MKTS/GLOB]
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)