NEW YORK, March 6 (Xinhua) -- Oil prices traded mixed Monday on rising U.S. production and the possibility for the Organization of the Petroleum Exporting Countries (OPEC) to extend cuts.
The prices rose earlier in the day when media reported that Iraq said OPEC would likely need to extend its production cuts into the second half of 2017.
Meanwhile, the U.S. light tight oil production is expected to make a strong comeback and grow by 1.4 million barrels per day by 2022 if prices remain at around 60 U.S. dollars a barrel, said the International Energy Agency on Monday.
The U.S. drillers added seven oil rigs in the week to March 3, bringing the total count up to 609, the most since October 2015, oilfield services company Baker Hughes said on Friday.
The West Texas Intermediate for April Delivery erased 0.13 dollars to settle at 53.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.11 dollars to close at 56.01 dollars a barrel on the London ICE Futures Exchange.