Crude Oil Hits 2-Week High As Saudi Arabia To Keep Output Well Below Cap

Oil prices extended gains to hit two-week highs on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies. US West Texas Intermediate crude for April delivery was up 25 cents, or 0.4 percent, at $ 63.80 a barrel by 0301 GMT after rising 3 percent last week. London Brent crude gained 13 cents, or 0.2 percent, to $67.44, after climbing nearly 4 percent last week. Both benchmarks earlier hit their highest since February 7. “The rise in equities made it easier to buy risk assets such as oil,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774