Investing.com - Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances.
Global benchmark Brent crude oil rose 50 cents a barrel to $53.15. U.S. light crude was up 45 cents at $50.08.
Kuwait Oil Minister Ali al-Omair said the Organization of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the expense of higher cost non-OPEC producers.
The comments followed data from oil services company Baker Hughes that showed the number of U.S. rigs drilling for oil fell for a consecutive sixth week.
Oil also drew a little support from a weaker U.S. dollar, which makes purchases cheaper for holders of other currencies.
The dollar remained under pressure amid doubts over whether the Federal Reserve will raise interest rates by the end of the year.