MTECHTIPS:-Crude gains in Asia after weekend meeting on OPEC, non

MTECHTIPS:-Crude gains in Asia after weekend meeting on OPEC, non-OPEC cuts

MTECHTIPS-Crude oil prices rose in Asia on Monday following a weekend meeting of OPEC ministers and counterparts from major producing countries who agreed a coordinated plant to trim global oil supplies is working well. On the New York Mercantile Exchange, crude oil for delivery in March rose 0.21% to $53.30 a barrel. On the ICE Futures Exchange in London, Brent oil for March delivery was lastt quoted up 0.18% to $55.55. “The deal is a success …All the countries are sticking to the deal …(the) results are above expectations,” Russian Energy Minister Alexander Novak told reporters after the first meeting of a committee set up to monitor the deal. OPEC members Nigeria and Libya, both suffering setbacks in production, were given exemptions from the OPEC leg of the cuts with Saudi Arabia bearing the lion’s share for the cartel. “The Kingdom [of Saudi Arabia] has taken the initiative and other countries took part in very significant actions,” Saudi Energy Minister Khalid al-Falih told reporters following the meeting. “Despite demand usually being lower in the first quarter in winter, the actions taken by the Kingdom and many other countries has impacted the market in a tangible way and we have seen the impact in spot prices.”
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