REUTERS
Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances, Reuters reported.
"There are indications that a lot of high-cost oil production is starting to get out of the market and this will help improve prices," Kuwait Oil Minister Ali al-Omair told Reuters.
The Organization of the Petroleum Exporting Countries (OPEC) would stick to its output policy, which has focused on building market share at the expense of higher cost non-OPEC producers, Omair said.
The comments followed data from oil services company Baker Hughes Inc that showed the number of U.S. rigs drilling for oil decreased for a consecutive sixth week. Drillers have cut 70 rigs over the last six weeks.
According to the Intercontinental Exchange data, the price of Brent rose by 0.51% to $52.92 per barrel, WTI was up by 0.54% to $49.90 per barrel.
Read alsoOil prices remain volatile after Fed decision As UNIAN reported earlier, Brent crude oil was traded above $54 a barrel on the ICE stock exchange on October 9, for the first time since August 31, 2015.
Read alsoSaudi Arabia continues reducing prices of crude oilThe OPEC sees an improvement in the global oil market due to increased demand and lower supplies from countries outside the cartel. Secretary General of OPEC, Abdalla Salem El-Badri, urged non-OPEC producers to jointly deal with the market glut, after which quotations jumped more than 2%.