Oil prices rose to near $38 a barrel Monday as OPEC members said over the weekend they were considering more production cuts to adjust to weakening global demand for crude.
Light, sweet crude for March delivery rose 26 cents to $37.77 a barrel by midmorning European time in trading on the New York Mercantile Exchange. The contract rose $3.53 on Friday to settle at $37.51.
The Organization of Petroleum Exporting Countries has implemented most of the 4.2 million barrels a day of output reductions announced since September, but the cuts have been overwhelmed by a collapse in demand for energy amid the global economic slowdown.
On Sunday, Mohammed Saleh al-Sada, Qatar's minister of state for energy and industry affairs, said OPEC is ready to cut output further when it meets next month. Al-Sada said a reasonable price for oil would be $70 a barrel.
Venezuelan Oil Minister Rafael Ramirez said Saturday his country would support new production cuts in the face of rising crude inventories.