Oil rose on Monday, hitting three-week highs, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Brent crude rose 19 cents to settle at $67.50 a barrel. During the session, it hit a three-week high of $67.90. U.S. West Texas Intermediate futures rose 36 cents to settle at $63.91 a barrel, after hitting a 20-day high of $64.24. Both benchmarks rose last week – Brent by almost 4 percent and WTI by 3 percent. “Today and this week are going to be critical to answering the question, is this a market correction or is this a resumption of an uptrend?” said Walter Zimmerman, chief technical analyst at United-ICAP. Prices were supported by Saudi Energy Minister Khalid al-Falih, who said on Saturday the country’s January-March crude production would be well below output caps, […]

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