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BS: Oil rises, but faces prospect of growing US output
 
[LONDON] Oil prices rose on Monday but gains were limited as investors gauged whether an increase in US drilling rigs and record stockpiles might offset the existing push by producers to cut output and bring the market into balance.

Brent futures were up 33 US cents at US$56.14 a barrel at 1235 GMT, while US West Texas Intermediate crude rose 23 US cents to US$53.63.

Investors have certainly taken Opec members at their word on their commitment to cut production and now hold more crude futures and options than at any time on record.

But evidence of rising output in the United States has tempered money managers' appetite to push prices higher. Since the start of the month oil prices have gained around US$2.

Source