Oil rises in thin trade, but swelling U.S. output caps rally
Oil prices inched higher on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained rally, although growing U.S. output and stubbornly high stockpiles kept price gains in check.
Top OPEC exporter Saudi Arabia’s crude oil shipments fell in December to 8.014 million barrels per day (bpd) from 8.258 million bpd in November, official data showed on Monday.
Brent futures LCOc1 ended the session up 0.7 percent at $56.18 a barrel.
Written by Devika Krishna Kumar for Reuters.com