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Reuters
Oil climbs on OPEC supply cut prospect, demand growth
Oil prices rose 1% on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. U.S. West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2%, to $94.15 a barrel at 0241 GMT, adding to a 2.5% gain last week. “Oil prices were stronger amidst the ongoing pressure on fuel demand from Europe’s energy crisis, and supply constraints,” National Australia Bank commodities analysts said in a note.
