Oil prices hovered near $71 a barrel Monday in Asia as the head of OPEC declared Oil prices are not bad.
Benchmark crude for September delivery was up 17 cents to $71.10 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract fell $1.01 to settle at $70.93.
In London, Brent prices rose 20 cents to $73.79 a barrel on the ICE Futures exchange.
OIL prices are not bad at current levels for the Organization of Petroleum Exporting Countries (Opec), the head of the group said on Sunday, signalling Opec is unlikely to cut output at a meeting next month.
Opec President Jose Botelho de Vasconcelos, who is also Angola's oil minister, said the recent rise in oil prices to over US$70 (S$100) per barrel would enable oil companies to continue to invest in the oil industry.
Oil prices were little changed at $71 a barrel on Monday, paring earlier losses as rising Asian stocks bolstered sentiment over an economic recovery while the dollar dipped, lending support to the commodities complex.
Traders will be focusing this week on Tuesday's raft of Chinese oil import and production figures, which could show a new record high for crude imports as refiners ramp up, as well as global oil demand revisions from the three main official energy bodies.