Oil prices rose to a three-week high on Monday amid fears over a possible OPEC production
Oil prices rose to a three-week high on Monday amid fears over a possible OPEC production cut in the second quarter, and also tightening global market forecasts and cold weather in the United States.
Brent crude futures on London's International Petroleum Exchange climbed 74 cents but eased to close 41 cents up at $46.75 a barrel.
Trade was limited by the closure of the New York Mercantile Exchange (NYMEX) for a US national holiday.
US oil futures climbed 81 cents to US$48.35 a barrel on Friday, their highest closing level in more than three weeks, as dealers focused on the possibility of Opec trimming output and a short cold spell in the US Northeast.
