Oil prices rose Monday in Asia after two key oil producing nations said they were cutting oil production.
Venezuela said on Friday that it will reduce oil output by 50,000 barrels a day to try and stem the recent fall in crude prices, while Nigeria on Saturday said it is cutting oil exports by 5 percent in a move the state-owned oil company described as a routine seasonal reduction.
While OPEC decided earlier this month to hold to a 28 million barrel a day output quota, many traders say the group would like to rein in production if crude-oil futures drop much lower than $60 a barrel.
Light, sweet crude for November delivery rose 29 cents to $63.20 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract rose 15 cents on Friday to settle at $62.91 a barrel.
Heating oil futures gained 1.25 cents to $1.766 per gallon while gasoline prices added 0.81 cent to $1.562 a gallon. Natural gas futures rose a cent to $5.63 per 1,000 cubic feet.
