Oil climbs on OPEC supply cut prospect, demand growth – Reuters

Oil climbs on OPEC supply cut prospect, demand growth – Reuters

MELBOURNE, Aug 29 (Reuters) - Oil prices rose 1% on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States.

U.S. West Texas Intermediate (WTI) crude futures jumped $1.09, or 1.2%, to $94.15 a barrel at 0241 GMT, adding to a 2.5% gain last week.

Brent crude futures rose 89 cents, or 0.9%, to $101.88 a barrel, extending a 4.4% gain last week.