Oil hits new 2019 high above $59, supported by OPEC-led supply cuts

Oil prices edged up on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines at the delivery point for U.S. crude futures.

OPEC and its allies met in Azerbaijan to monitor their crude supply reduction pact, where they said they would exceed commitments in the coming months.

The , meaning the next meeting of the producer group known as OPEC+ will not be until June.

On Sunday, Saudi Arabia signaled the producers may need to extend the 1.2 million barrels per day of supply curbs past June into the second half of 2019.