Oil gains as investors grow optimistic over Opec output deal

Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains.

Brent futures were last up 16 cents at $66.41 a barrel by 1850 GMT, having touched a 2019 high of $66.83 earlier in the day, while U.S. futures rose 47 cents to $56.04 a barrel.

Oil has risen nearly 25 percent so far this year and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Organization of the Petroleum Exporting Countries and allies to cut output.

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