Crude oil prices rose Monday, supported by the possibility of a longer-than-expected Opec+ crude supply cut and indications of inventory declines at Cushing, Oklahoma.

Representatives of Opec+, the amalgamation of most Opec members along with a number of non-Opec producer-countries led by Russia, met in Azerbaijan to monitor their crude supply reduction deal. They said they would exceed the 1.2 million barrels per day (Mmbpd) total reduction commitment in coming months.

The group agreed to cancel its April meeting, meaning the next meeting of the producer group will not be until June.

On Sunday, Saudi Arabia said producers may need to extend the 1.2 Mmbpd of supply curbs past June into the second half of 2019.

“As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance,” Saudi energy minister Khalid al-Falih said.

U.S. West Texas Intermediate crude settled Monday’s session 57 cents higher, at $59.09 a barrel, up 1% the best closing price since last Nov. 12. WTI hit a four-month intraday high at $59.23/Bbl earlier in the session, Kallanish Energy reports.

Global benchmark Brent crude rose 38 cents, or about 0.5%, to $67.54/Bbl Monday. It reached a 2019 intraday high of $68.14/Bbl last week.

Brent has gained roughly 25% since Jan. 1, due to supply cuts since Jan. 1 by Opec+, as well as U.S. sanctions on Iran and Venezuela.

Signs of a reduction in crude inventory levels at the U.S. storage hub in Cushing, also boosted futures, market participants said.

Crude stockpiles at Cushing, the delivery point for WTI, fell 1.08 million barrels (Mmbbl) in the week ended March 15, traders said, citing data from market intelligence firm Genscape.

Surging oil output in the U.S. has helped to offset Opec+ curbs.

Concerns about a global economic slowdown also weighed on oil prices after data showed Japan’s exports fell for a third month in February.

This post appeared first on Kallanish Energy News.