LONDON—Oil rose on Monday, extending last week’s gain, 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.
Brent crude was up 55 cents, or 0.5 percent, to $101.54 a barrel by 1025 GMT, extending last week’s 4.4 percent rally. U.S. West Texas Intermediate (WTI) crude was up 62 cents, or 0.7 percent, at $93.68 after rising by 2.5 percent 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….