Brent crude rises on OPEC cuts

Brent crude rose with the opening of the US market on Monday after falling earlier in the European market, the first gain in three days, supported by the alliance "OPEC Plus" production cuts, to achieve balance in the market, after the decrease In US oil rigs for a fourth straight week, with the addition of concerns about the global economic slowdown curbing gains.

As of 13:15 GMT, Brent crude rose to $67.35 per barrel from the opening of $67.02, with a high of $67.48 and a low of $66.68.

Brent crude futures lost 0.2% on Friday, their second consecutive daily loss, as correction and profit taking continued from a four-month high of $68.12 a barrel.

Over the past week, Brent crude gained 1.8%, its second weekly gain in a row, as global supply worries eased.

"OPEC Plus" pledged to continue to support the market by fully complying with their agreement to cut the world supply by about 1.2 million barrels per day.

Saudi Arabia, the active member of (OPEC), said on Sunday that the oil market balance was not yet been achieved due to the high global stocks.

While Russia, the world's second-largest oil producer, said that OPEC's cuts would continue at least until June.

The US oil drilling and drilling rigs "last week" fell by about one platform, the fourth weekly decline in a row, bringing the total operating platforms in US oil fields to 833 platforms, the lowest level since the week Ending in 27 April 2018.

This caused the US oil production levels to fall by about 100,000 barrels per day during the week ending March 8, the first weekly decline since the week ending in December 7, bringing the total production levels to 12 million barrels per day, after reaching the highest levels in US production at 12.1 million bpd.

While in Asia, "the world's largest oil consumer," the Japanese exports fell in February for its third consecutive month, marking a new sign of Asia's second-largest economy slowdown.

In the United States, manufacturing output fell in February for the second consecutive month, marking a slowdown in the growth of the world's largest economy in the first quarter.

These data have increased fears of a global economic slowdown, which is sure to negatively affect fuel demand levels. Some expect global oil demand to grow by about 1.3 million barrels this year, but as the economy slows, demand growth may increase less than 1 million barrels per day .