Oil Rises as OPEC Says May Cut Supply

Oil prices rose on Monday as the OPEC cartel said it might cut supply as the Northern Hemisphere winter draws to a close.

U.S. crude oil settled 28 cents higher at $47.44 a barrel, within a $45-$50 range held over the past five weeks. London Brent crude settled 25 cents higher at $45.53 a barrel.

Prices have bounced from a one-month low last week after the International Energy Agency (IEA) adjusted its forecasts for this year, raising its expectation for demand growth and lowering its forecasts for new supply.

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