Oil rises on signs low prices crimping U.S. output though economic worries weigh::(WWW.COMMODITYBAZAAR.CO)

Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S., currently the world’s biggest oil producer, though concerns about global economy continues to weigh.

International benchmark Brent crude (LCOc1) futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. Prices climbed to as high as $54.66.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24.

Crude prices rebounded from a sharp declines last week. Brent fell 11 percent for the week, dropping to its lowest since September 2017 on Friday, while WTI also dropped 11 percent last week, its worst weekly performance since January 2016.

Both benchmarks down more than 35 percent from their recent peaks in early October.

The price plunge has caused U.S. shale oil producers to curtail drilling plans for next year.



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