Oil prices rose in early Asian trading on Monday, supported by expectations of production cuts targeted by "OPEC+" starting in May, but concerns about the global economic outlook limited gains.
Brent crude futures increased by 13 cents or 0.2% to $85.25 per barrel by 23:56 GMT, while West Texas Intermediate (WTI) rose by 14 cents or 0.2% to $80.84 per barrel.
Both benchmarks rose last week for the third consecutive week, returning to levels not seen since November after the Organization of the Petroleum Exporting Countries (OPEC) and its allies surprised investors with announcements of further production cuts starting in May. Prices received support after data showed on Thursday a reduction in the number of U.S. oil rigs by two to 158, indicating that U.S. production is unlikely to increase in the near term.
