Oil prices stood little changed on Monday, keeping most of their gains from the previous session to hold near their highest levels in months, as major producers meeting in Vienna said the market was well on its way towards rebalancing.
The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017, helping lift oil prices by about 15 percent in the past three months.
“Since our last meeting in July, the oil market has markedly improved,” said Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday’s meeting, of the Joint Ministerial Monitoring Committee.
London Brent crude for November delivery was up 1 cent at $56.87 a barrel by 0049 GMT, having settled up 0.8 percent on Friday. U.S. crude for November delivery was down 4 cents at $50.62, having risen 0.2 percent on Friday.