Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut

MELBOURNE: Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.

U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.

While both benchmark contracts fell on Friday, hurt by demand concerns, Brent ended the week up 2.5%, with WTI up 2.4%.