WASHINGTON (dpa-AFX) - Oil prices rose on Monday to extend gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela tightened supplies.
Global benchmark Brent crude climbed 0.6 percent to $63.12 per barrel after rising over 3 percent on Friday to reach its highest level since Nov. 21. U.S. West Texas Intermediate (WTI) futures were up 0.2 percent at $55.37 per barrel after climbing 2.7 percent in the previous session.
A survey from Bloomberg showed that output from the Organization of the Petroleum Exporting Countries (OPEC) fell by 930,000 barrels a day last month to 31.02 million.
Separately, data released Friday by oilfield-services provider Baker Hughes revealed that the number of active U.S. rigs drilling for oil fell by 15 to 847 last week, following an increase of 10 in the previous week.
Venezuela's output reportedly rose last month, but fresh U.S. sanctions on the country may limit transactions with other countries.
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