Brent crude floats near $70/bbl

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    SINGAPORE- Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.

    Brent crude futures for May gained 23 cents, or 0.3 percent, to $69.45 a barrel while US West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4 percent.

    Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15 percent, while meeting the normal monthly requirements of Indian refiners, refinery sources told Reuters on Friday.

    The supply cuts come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided earlier this month to extend most of its supply cuts into April.