TOKYO - Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East. The rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the U.S. embassy. Another bullish signal was a second week of declines in U.S. drilling operations, with energy companies cutting oil rigs to the lowest since March 2018. Earlier report:Oil price jumps as Saudi suggests OPEC+ keep production cut planSYDNEY: Oil prices jumped as much as 1 percent on Monday after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies. Brent crude futures were at $72.98 a barrel at 0009 GMT, up 77 cents, or 1.1%, from their last close.

Source: thestar May 20, 2019 00:22 UTC