Reuters: Oil rises as Saudi sees producers sticking with ongoing supply cuts
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy.
Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment, Reuters said.
Front-month Brent crude futures, the international benchmark for oil prices, were at $63.61 at 0411 GMT, 32 cents, or 0.5%, above Friday's close.
U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.
Traders said crude prices were rising because of statements by OPEC's biggest producer Saudi Arabia on Friday saying that the group was close to agreeing extending supply cuts.