OilNSE -0.13 % prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.
Brent crude for June delivery was up by 34 cents, or 0.5 per cent, at $67.92 a barrel by 0055 GMT, having risen 27 per cent in the first quarter.
US West Texas Intermediate (WTI) futures rose 30 cents, or 0.5 per cent, to $60.44 barrel, after posting a rise of 32 per cent in the January-March period.
US sanctions on Iran and Venezuela along with supply cuts by members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers have helped support prices this year, overshadowing concerns about global growth and the US-China trade war.
US energy firms last week reduced the number of oil rigs operating to the lowest level in nearly a year, cutting the most rigs in a quarter in three years, Baker Hughes energy services firm said.
Brent crude for June delivery was up by 34 cents, or 0.5 per cent, at $67.92 a barrel by 0055 GMT, having risen 27 per cent in the first quarter.
US West Texas Intermediate (WTI) futures rose 30 cents, or 0.5 per cent, to $60.44 barrel, after posting a rise of 32 per cent in the January-March period.
US sanctions on Iran and Venezuela along with supply cuts by members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers have helped support prices this year, overshadowing concerns about global growth and the US-China trade war.
US energy firms last week reduced the number of oil rigs operating to the lowest level in nearly a year, cutting the most rigs in a quarter in three years, Baker Hughes energy services firm said.
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