OPEC and allied oil producers to continue limiting supplies - RTRS

• Oil jumped 1% in Asia following OPEC supply news.
• U.S. West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, up 63 cents, or 1%, from their previous settlement.

Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supplies, Reuters reported.

Falih said on Sunday there was a consensus among Organization of the Petroleum Exporting Countries and other non-OPEC producers to drive down crude inventories “gently”, but his country would remain responsive to the needs of what he called a fragile market.

“This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels,” he told a news conference after a ministerial panel meeting.