RIYADH: Oil prices edged up on Monday as optimism about tightening supplies from the Organization of the Petroleum Exporting Countries and its allies supported crude prices.
Brent crude futures were up 9 cents, or 0.12 percent, to $74.26 a barrel at 11:15 a.m. Saudi time. The US West Texas Intermediate crude was at $70.24 a barrel, up 20 cents, or 0.29 percent.
Last week, both benchmarks fell for the fourth consecutive week, the longest streak of weekly declines since September 2022, over concern that the US could enter a recession on “significant risk” of a historic default within the first two weeks of June.

ONEOK acquires Magellan for $18.8bn
ONEOK Inc. agreed on Sunday to buy US pipeline operator Magellan Midstream Partners in a deal valued at about $18.8 billion, bringing the natural gas-focused company into transporting refined products and oil.
ONEOK will pay $25 and 0.6670 shares of its common stock for each outstanding Magellan common unit, representing a premium of 22 percent based on Magellan shares’ closing price on May 12. The buyer will also absorb Magellan’s $5 billion debt pile.
The deal will give ONEOK access to Magellan’s refined products and crude oil transportation business. According to a presentation, the combined company will have 44 percent of its business in natural gas liquids and 21 percent in refined products.
“The combination of ONEOK and Magellan will create a diversified North American midstream infrastructure company with predominately fee-based earnings, a strong balance sheet and significant financial flexibility,” ONEOK CEO Pierce H. Norton II, who will head the combined company, said in a statement.
Goldman Sachs & Co. is the lead financial adviser to ONEOK and Morgan Stanley & Co. to Magellan.

TotalEnergies inks deal with Suriname for 2 drilling blocks
French oil giant TotalEnergies on Monday said it had reached a deal with Suriname on sharing production at two planned offshore blocks in the Latin American country.
TotalEnergies will operate blocks 6 and 8, with a 40 percent interest, alongside Qatarenergy and Paradise Oil Co., which hold 20 percent and 40 percent interest, respectively, the French company said in a statement.
(With input from Reuters)