Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy.
However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.
Front-month Brent crude futures were at $63.61 at 0645 GMT, 32 cents, or 0.5 per cent, above Friday’s close.
US West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6 per cent higher.
Traders said crude prices were rising following statements by OPEC’s biggest producer Saudi Arabia on Friday that the group was close to agreeing to extending supply cuts.
