Crude oil prices on Monday morning approached multi-month highs from last week, powered by signs that U.S. shale producers are abandoning projects.
OPEC has refused to cut production despite a glut of global supplies, pressuring U.S. oil companies with tighter margins to shutter some rigs until prices rebound even more.
Crude oil was up 21 percent in April but remains sharply lower compared to a year ago.
U.S. crude oil for June deliver was up 40 cents to $59.55 a barrel, having pulled up just shy of $60 last week.
Tensions in the Middle East revolving around the civil war in Yemen and dollar’s pullback have also given prices a boost.
The material has been provided by InstaForex Company – www.instaforex.com