Oil Whipsaws as Output Seen Rising, More OPEC Cuts Discussed

Oil prices whipsawed on Monday, with benchmark Brent rising and U.S. crude easing slightly, after the market pushed higher early in the day on the Iraqi oil minister’s comments that cuts might persist into the second half of the year. Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston.