NEW YORK, April 1 (Xinhua) -- Oil prices rose on Monday, as a latest survey showed the Organization of the Petroleum Exporting Countries (OPEC) lowered its daily production in March, easing concerns over a potential global oversupply.
The organization produced 30.40 million barrels per day (bpd) last month, down 280,000 bpd from February, according to a Reuters survey released on Monday.
OPEC and its allies, including Russia, had inked an output cut deal of a total of 1.2 million bpd last December. The agreement took effective on Jan. 1 and will expire by June.
The West Texas Intermediate for May delivery rose 1.45 U.S. dollars to settle at 61.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 1.43 dollars to close at 69.01 dollars a barrel on the London ICE Futures Exchange.
