Oil touches multi-week highs as OPEC signals may extend cuts - Reuters

Oil touches multi-week highs as OPEC signals may extend cuts - Reuters:

Oil prices rose to multi-week highs on Monday as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.

Brent crude futures rose 45 cents to $72.66 a barrel by 11:00 a.m. EDT (1500 GMT), having earlier touched $73.40, their highest since April 26.

U.S. West Texas Intermediate crude futures gained 47 cents to $63.23 a barrel, after hitting $63.81, the highest since May 1.