NEW YORK — Oil prices rose slightly Monday, gaining on recent OPEC statements.
The Organization of the Petroleum Exporting Countries has trimmed its forecasts for demand this year by 100,000 barrels a day, but it has also hinted it may cut production if global supplies of crude continue to rise, according to Dow Jones Newswires.
Several reports in recent days, though, have suggested that global economic conditions may not be deteriorating as quickly as feared. The U.S. Federal Reserve said Friday that U.S. industrial production rose last month in line with expectations.
OPEC is scheduled to meet March 5 in Vienna to review its production policy.
Light, sweet crude for March delivery rose 65 cents to $96.15 a barrel in electronic trading on the New York Mercantile Exchange as of 10:02 p.m. EST.
