Oil prices edged up to near multi-week highs on Monday as Opec indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating West Asian tensions provided further support. Brent crude was up by 21 cents at $72.42 a barrel, having earlier touched $73.40, the highest since April 26.
US West Texas Intermediate crude was up 15 cents at $62.91 a barrel, after hitting a three-week high of $63.81. Saudi energy minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (Opec) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market”.
