NEW YORK, March 4 (Xinhua) -- Oil prices rose on Monday as the market was bolstered by continued signs of crude production curbs and hopes for further progress in U.S.-China trade negotiations.
The West Texas Intermediate for April delivery increased 79 U.S. cents to settle at 56.59 dollars a barrel on the New York Mercantile Exchange, and Brent crude for May delivery was up 60 cents to close at 65.67 dollars a barrel on the London ICE Futures Exchange.
Oil prices were supported by signs that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers were delivering on promised production curbs, which indicated a tightening global supply.
OPEC members pumped 30.68 million barrels per day (bpd) in February, down 300,000 bpd from the previous month and the lowest since 2015, according to a survey from Reuters on Friday.
Last December, OPEC and other major oil producers, including Russia, pledged to cut production by 1.2 million bpd in order to prop up prices, effective from this January.
Meanwhile, market participants speculated that further progress in U.S.-China trade talks would help boost crude demand, experts noted.
