SINGAPORE - Oil prices rose on Monday as Saudi Arabia's energy minister said an Opec-led production cut scheduled to end in June would likely be extended to the end of 2017, although a relentless increase in US drilling capped gains. Brent crude futures were at US$49.82 per barrel at 0323 GMT on Monday, up 72 cents, or 1.47%, from their last close. Traders said the victory of Emmanuel Macron in the French presidential election against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy. US drilling for new oil continued to pick up last week, with the rig count climbing by 6 to 703. Since a low point on May 27, 2016, US producers have added 387 oil rigs, or about 123%, Goldman Sachs said.

Source: Bangkok Post May 08, 2017 03:56 UTC