WASHINGTON (dpa-AFX) - Crude oil prices rose Monday, nearing $64 a barrel as the dollar failed to raise against major rivals.
Prices rose despite reports that Saudi Arabia wants to end their supply quota plan by 2019.
Saudi Arabian oil minister Khalid al-Falih: 'A study is taking place and once we know exactly what balancing the market will entail we will announce what is the next step. The next step may be easing of the production constraints,' he said, according to multiple reports.
'My estimation is that it will happen sometime in 2019. But we don't know when and we don't know how.'
WTI light sweet oil was up 32 cents at $63.87 a barrel.
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