Oil prices rose a bit on Monday after OPEC said it might cut oil supply as the Northern Hemisphere winter draws towards its close.
US crude oil rose 28 cents tot $47.44 a barrel, within a $45-$50 range held over the past five weeks. London Brent crude settled 25 cents higher at $45.53 a barrel.
Prices have bounced from a one-month low last week after the International Energy Agency adjusted its forecasts for this year, raising its expectation for demand growth and lowering its forecasts for new supply.
The IEA showed heightened need for oil from the Organisation of the Petroleum Exporting Countries, but the cartel remains more focused on a feared slowdown in second-quarter demand.
Last Friday, Opec's acting Secretary-General Adnan Shihab-Eldin told Reuters the group might need to cut supply for the second quarter even if consumption stayed robust, and would need a faster, bigger cut if demand were to fall sharply.
