Oil prices rise on supply worries, extend strong first-quarter gains
Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy. Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks also boosted sentiment, helping buoy regional stockmarkets. Brent crude for June delivery was up by 64 cents, or 1 percent, at $68.22 a barrel by 0606 GMT, having risen 27 percent in the first quarter. U.S. West Texas Intermediate (WTI) futures rose 43 cents, or 0.7 percent, to $60.57 barrel, after posting a rise of 32 percent in the January-March period. U.S. sanctions on Iran and Venezuela along with supply cuts by members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers have helped support prices this year, overshadowing concerns about global growth and the U.S.-China trade war. However, future gains will be limited by potential sof...