Mubasher: Oil prices notched higher on Monday, buoyed by comments from Saudi Arabia’s oil minister Khalid al-Falih that the output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and its allies are unlikely to be revisited in the producer group’s next meeting in April.

A report highlighting a decline in US drilling activity has also lent support to the global oil market.

The Saudi-dominated oil cartel will meet in Vienna on 17-18 April, with another gathering scheduled for 25-26 June, to consider supply policy.

Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change tack about OPEC+ output policy at the group’s meeting in April.

“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said.

By 7:06 am GTM, international benchmark Brent futures edged up 0.41% to $66.01 per barrel (pb), while US Nymex crude futures added 0.52% to $56.36 pb.