Oil edges higher on prospect of OPEC+ supply cut | Reuters

Oil edges higher on prospect of OPEC+ supply cut | Reuters

Oil edged higher on Monday to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong U.S. dollar and a dire outlook for U.S. growth.

Saudi Arabia, top producer in the Organization of the Petroleum Exporting Countries (OPEC) last week raised the possibility of production cuts, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West. read more

Brent crude was up 13 cents, or 0.1%, at $101.12 a barrel by 1150 GMT, having risen by 4.4% last week. U.S. West Texas Intermediate (WTI) crude was up 10 cents, or 0.1%, at $93.16 after gaining 2.5% last week.

"Oil prices are inching higher on hopes of a production cut from OPEC and its allies to restore market balance in response to the revival of Iran's nuclear deal," said Sugandha Sachdeva, vice president of commodity research at Religare Broking.