Futures Movers: Oil prices edge up after Saudi urges producers to cooperate into 2019

Oil prices inched higher on Monday, boosted by comments from OPEC kingpin Saudi Arabia that the cartel and other major oil producers could extend their cooperation beyond 2018.

West Texas Intermediate crude oil for February CLG8, +0.08% — which expires after end of trade on Monday — rose 7 cents to $63.44 a barrel, on the heels of a 1.5% loss last week. The March contract CLH8, +0.09% picked up 2 cents to $63.33 a barrel.

Brent for March LCOH8, +0.09% climbed 2 cents to $68.64 a barrel.

“Oil prices are on the rise this morning, as OPEC and Russia have signaled their intent to cooperate on supply beyond the current deal terms,” said Rebecca O’Keeffe, head of investment at Interactive Investor, in a note.

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