Oil prices settle mixed amid OPEC report

NEW YORK, Feb. 12 (Xinhua) -- Oil prices closed mixed on Monday as traders meditated on a monthly report from the Organization of the Petroleum Exporting Countries (OPEC).

OPEC said on Monday world oil demand would grow faster than expected in 2018 because of a healthy world economy, adding a tailwind to the producer group's effort to remove a supply glut by cutting output, according to CNBC.

But the global market will return to balance only towards the end of 2018 as higher prices encourage the United States and other non-member producers to pump more, OPEC added in a monthly report.

However, the rising U.S. production continued weigh on the market. The number of rigs operating in U.S. oil fields rose by 26 to a total of 791 last week, notching the highest weekly increase in over a year, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for March delivery increased 0.09 U.S. dollar to settle at 59.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 0.20 dollar to close at 62.59 dollars a barrel on the London ICE Futures Exchange. Enditem