Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances.
Kuwait Oil Minister Ali al-Omair told Reuters the Organization of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the expense of higher cost non-OPEC producers.
"There are indications that a lot of high-cost oil production is starting to get out of the market and this will help improve prices," Omair said.
The comments followed data from oil services company Baker Hughes Inc that showed the number of U.S. rigs drilling for oil fell for a consecutive sixth week. Drillers have cut 70 rigs over the last six weeks.
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