Oil prices rise in Asia as Doha meeting, US report loom

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SINGAPORE, April 11, (APP/AFP): Crude prices rose in Asia Monday, extending last week’s gains from data showing a drop in US production, while traders look ahead to an upcoming meeting of oil majors they hope will lead to limits on output.

Data showing US stockpiles and output had seen a surprise fall provided some much needed impetus to the market last week, with a fall in the number of rigs drilling also provided strong support.

Dealers are keenly awaiting the next stockpiles report due Wednesday hoping for a further fall, which would indicate a pick-up in demand.