Oil prices rise on Monday, as OPEC and its allies signaled that it would be possible to extend the supply reduction deal of 1.2 million barrels per day (bpd), which is set to expire in June, according to market conditions.

A ministerial panel of OPEC and its allies, meeting in Azerbaijan's capital Baku, recommended that they cancel the extraordinary meeting scheduled for April 17-18 and hold the next regular talks on June 25-26.

Saudi Arabia's Energy Minister Khalid al-Falih said Monday that April would be too early to consider the extension decision, yet they would continue making efforts to seek a balanced market, according to S&P Global Platts.

"The consensus we heard ... is that April will be premature to make any production decision for the second half," he said. "As long as the levels of inventories are rising, and we are far from normal levels, we will stay the course, guiding the market towards balance."

The West Texas Intermediate for April delivery rose 0.57 U.S. dollar to settle at 59.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.38 dollar to close at 67.54 dollars a barrel on the London ICE Futures Exchange. Enditem