Oil climbs on OPEC supply cut prospect, demand growth
Oil prices rose 1 per cent on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States.
US West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2 per cent, to $94.15 a barrel at 0241 GMT, adding to a 2.5 per cent gain last week.
Brent crude futures rose 89 cents, or 0.9 per cent, to $101.88 a barrel, extending a 4.4 per cent gain last week.
