Oil rises; lifted by OPEC cuts, steadying stock market | Reuters

Oil rises; lifted by OPEC cuts, steadying stock market | Reuters:

Oil prices edged higher on Monday, rebounding further from 1-1/2-year lows reached in December, on support from OPEC production cuts and steadying equities markets.

Brent crude LCOc1 futures rose 27 cents to settle at $57.33 a barrel, a 0.47 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 56 cents to settle at $48.52 a barrel, a 1.17 percent gain.

Oil futures have gained more than 7 percent since last Monday.