Singapore — Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising US production limited gains. Brent crude oil climbed 0.2% to $56.09 a barrel, while US West Texas Intermediate (WTI) added 0.1% to $54.04 a barrel. Oil prices tumbled on Friday after US Energy Information Administration (EIA) data showed US crude inventories rose for a seventh straight week. But the market has been supported within a tight $4-$5 range since November, when oil cartel Opec and other producers agreed to cut production. "EIA data showed stocks rose 564,000 barrels to 518.7-million last week," ANZ said in a note. "However, it was the lowest increase over the past couple of months. If this trend of lower imports and smaller gains in inventories persists over the coming weeks, it would suggest that the Opec-led production cuts are starting to have an impact." Opec’s record compliance with the deal has surprised the mar...
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