Oil prices rallied further Monday, boosted by
strong US jobs growth and as a cut in the
country's crude drilling activities sparked hopes
of an easing supply glut, analysts said.
Recent dollar weakness helped also to lift
demand for the commodity priced in the
greenback, as did indications that producers
were already making moves to limit output.
US benchmark West Texas Intermediate (WTI)
for delivery in April jumped $1.58 to trade at
$37.50 a barrel around 1715 GMT.
Brent North Sea crude for May delivery surged
$1.73 to $40.45 a barrel compared with Friday's
close.
Source: Vanguard
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