Oil rises on supply cuts, but weak economy holds market back - Reuters

Oil rises on supply cuts, but weak economy holds market back - Reuters:

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy.

However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.

Front-month Brent crude futures were at $63.61 at 0645 GMT, 32 cents, or 0.5%, above Friday’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.