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