Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed U.S. drilling activity fell for a third straight week.
The news took downward pressure from oil markets that had built the previous week on the back of surging U.S. crude output and an economic slowdown especially in Asia and Europe.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.26 per barrel at 0016 GMT, down 19 cents, or 0.3 percent, from their last settlement.
Brent crude futures were at $65.91 per barrel, down 17 cents, or 0.3 percent.
