Oil near the 4-month peak due to OPEC production cuts, US inventory decline

File Reuters

UNITED STATES (VOP TODAY NEWS) — Oil prices rose to a four-month high on Monday, supported by a possible extension of OPEC-led supply cuts and signs of declines in US crude inventories.

Brent crude for $ 67.54 a barrel, up 38 cents, or 0.6 percent. Global benchmark crude remained near the 2019 high of $ 68.14 hit on Thursday.

US crude <CLc1> closed at $ 59.09 a barrel, up 57 cents, or 1 percent, after hitting a four-month high of $ 59.23.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies in Azerbaijan met to monitor the cut-off agreement, saying they would go beyond their commitments in the coming months.

“The comments from the OPEC meeting were supportive enough to go,” said John Keldof of Agen Capital in New York.

The group also canceled the April meeting, which means the alliance known as OPEC + will not meet again until June.

Saudi Arabia hinted on Sunday that producers may need to extend production cuts by 1.2 million bpd beyond June to cover the second half of 2019.

Traders said signs of a drop in inventory levels at Cushing, Oklahoma, also supported futures prices.

They showed that data from Gainscape for market information says crude stocks in Kaching, the delivery point for West Texas contracts, fell 1.08 million barrels over the week ending on Friday.

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