London — Crude futures edged higher on Monday, propped up by comments from Saudi Arabia that co-operation between oil producers who have cut production to boost prices would continue beyond 2018. Strong global economic growth coupled with a drop in US drilling activity and the dollar also supported crude, traders said, while additional Libyan output capped further gains. Brent crude futures were at $68.69 a barrel at 10.08am GMT, up 8c from their last close. Brent on January 15 rose to $70.37, its highest since December 2014. US West Texas Intermediate (WTI) crude futures were at $63.50 a barrel, up 13c. WTI climbed to $64.89 on January 16, also its highest since December 2014. "A weak dollar and the weekend JMMC (oil producers meeting) are supporting prices but the restart of As-Sarah in Libya is serving as a brake on the rally," said Tamas Varga, analyst at PVM oil brokerage. Production at Wintershall’s As-Sarah concession in eastern Libya resumed on Sunday and was expected to add...
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