Brent crude recovers from a 3-week low on Saudi Minister's remarks

Brent crude oil prices continued to rise as the US market opened on Monday to bounce back from a three-week low recorded earlier in the day on Friday, backed by comments by the Saudi energy minister on excluding the stoppage of the OPEC production cuts until June.

As of 13:25 GMT, Brent crude rose to $66.55 a barrel from the opening of $65.83, recording a high of $66.63 and a low of $65.65.

Prior to this on Friday, Brent crude futures lost 0.6% , hitting a three-week low of $64 a barrel, under pressure from gloomy outlook for the global economy.

Saudi Energy Minister Khalid al-Falih told Reuters on Sunday it was too early to change OPEC's production policy at the group meeting in April.

"We will see what happens next month, with the exclusion of any sudden events, the group will proceed with the implementation of the global supply reduction agreement," he said.

Oil prices are also supported by a drop in US drilling and drilling platforms for a third consecutive week, reaching the lowest since May 2018 at a total of 834 platforms, reducing the likelihood that US production will accelerate to a new record high.