Oil at the highest level in 4 months

Oil prices reached their highest level in four months, supported by a possible extension of OPEC-related supply cuts and by signs of lower US crude inventories.

Brent crude for $ 67.54 a barrel, up 38 cents, or 0.6%. World benchmark crude remained close to the 2019 high of $ 68.14 hit Thursday.

The American crude closed at $ 59.09 per barrel, up 57 cents, or 1%, after reaching a record $ 59.23 in four months.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies in Azerbaijan met to oversee the blocking agreement, saying that they were going beyond their commitments in the coming months.

"The comments from the OPEC meeting have been encouraging enough," said John Keldof of Agen Capital in New York.

The group also canceled the April meeting, which means that the alliance known as OPEC + will not meet until the month of June.

Saudi Arabia hinted on Sunday that producers may need to increase output by 1.2 million barrels a day beyond June to cover the second half of 2019.

Traders said the signs of lower inventories in central Cushing, in the US state of Oklahoma, had also boosted futures prices.

They showed that Gainscape's market data on market information indicated that crude stocks in Kashing, the delivery point of western Texas, had dropped 1.08 million barrels over the past year. week ending Friday.