Oil rises on prospect of OPEC+ supply cut | Reuters

Oil rises on prospect of OPEC+ supply cut | Reuters

Oil rose almost 1% on Monday 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, de facto leader of 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 rose 65 cents, or 0.6%, to $101.64 a barrel by 0815 GMT, extending last week's 4.4% gain. U.S. West Texas Intermediate (WTI) crude was up $1.22, or 1.3%, at $94.28 after rising by 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.