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Oil prices rises on ongoing OPEC-led supply cuts, fall in US rig count

Updated : March 11, 2019 09:31 AM IST

US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0323 GMT GMT, up 32 cents, or 0.6 percent from their last close. Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 percent.
Despite the gains, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.
The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia - known as the OPEC+ alliance - will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26.
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