Oil prices edged up to near multi-week highs Monday
As OPEC said it's likely to maintain production cuts that have helped boost prices this year.
Brent Crude was up 21 cents at $72.42 a barrel by early afternoon.
It comes after the Saudi Energy Minister said OPEC and allied oil producers would drive down crude inventories 'gently'.
(SOUNDBITE) (English) SAUDI ARABIA'S MINISTER OF ENERGY, KHALID AL-FALEH, SAYING:
"We think the market is very fragile, we've seen it in the second half of last year because inventories were still higher than normal levels when we prematurely increase production in anticipation of severe application of the sanctions which didn't happen. Our preferences is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels."
Rising tension in the Middle East also supported prices.
President Trump threatened Iran in a Tweet on Sunday,
While Saudi Arabia said it was ready to respond with 'all strength' to Iran.
This after last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's fortified 'Green Zone'.
Crude also bullish due to a second week of declines in U.S. drilling operations,
Energy companies cut oil rigs to their lowest number since March 2018.