Crude oil prices were higher on Monday, supported by hopes of fresh output cuts ahead of a meeting between OPEC leaders and U.S. shale producers later in the day. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and U.S. shale firms were set to gather in Houston for the largest energy industry conference, CERAWeek, which begins on Monday. Rising U.S. output has weighed on oil prices in recent months amid fears it could dampen global efforts to rid the market of excess supplies. OPEC, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once. Market participants were also still digesting news on Thursday that U.S. President Donald Trump plans to impose tariffs of 25% on imported steel and 10% on aluminum, in a move to “protect U.S. industry”.
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