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Oil near 3-year highs on output cuts despite rising N.American rig count

Oil near 3-year highs on output cuts despite rising N.American rig count

SINGAPORE (Jan 15): Oil prices held just below December 2014 highs on Monday, supported by ongoing output cuts led by OPEC and Russia despite a rise in U.S. and Canadian drilling activity that points to higher future output in North America.

Brent crude futures, the international benchmark for oil prices, were at US$69.89 per barrel at 0308 GMT, up 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at US$64.44 a barrel, up 14 cents from their last settlement.

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