U.S. crude futures rebounded after Saudi Arabia continued to cut production

- Mar 12, 2019-

On Monday (March 11), nymex west Texas intermediate (wti) light oil futures for April 2019 settled at $56.79 a barrel, up 72 cents, or 1.3 percent, from the previous session.Ice May 2019 brent settled at $66.58 a barrel, up 84 cents, or 1.3 percent, from the previous session and trading between $65.63 and $66.75.

New York, March 11 - oil prices rose more than 1 percent on Monday, buoyed by comments from Saudi energy minister saud al-falih that an opec-led production cut was unlikely to end before June.

Falih told Reuters on Sunday it was too early to adjust the output cuts agreed between OPEC and its Allies, including Russia, ahead of the June meeting.

"Saudi Arabia continues to take positive steps to improve the balance of supply and demand," said Andrew Lipow, President of Lipow Oil Associates.

The oil market has been supported this year by OPEC+ supply cuts, which have pledged to cut output by 1.2 million barrels a day starting at the beginning of the year to boost prices.

The group will meet on April 17 at solstice on April 18 and another on June 25 at solstice on June 26 to discuss supply policy.

Separately, a Saudi official said the kingdom planned to cut crude oil exports to below 7m b/d in April.

Weekly reports from U.S. energy services firm baker hughes * also boosted oil prices.The number of active RIGS in the us fell by nine to 834 last week, according to the report.

But the paris-based international energy agency said in a forecast on Monday that U.S. crude production would increase by nearly 2.8 million barrels a day to 13.7 million barrels a day by 2024 from about 11 million barrels a day in 2018.