Oil prices edged up on Monday, supported by statements from oil producers over the weekend that an output cut was being successfully implemented, but markets were held back by a surge in drilling that suggested U.S. production would rise further.

Brent crude futures LCOc1 , the international benchmark for oil prices, were trading at $55.57 per barrel at 0016 GMT, up 8 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $53.30 a barrel.

"Oil rallied strongly as oil producers met to discuss the adherence to the production cut agreement. Saudi Arabian Energy Minister Khalid al-Falih said that producers have cut 1.5 million barrel per day so far in 2017," ANZ bank said on Monday.

"Prices reversed these gains after data showed another pickup in drilling activity," it added.

U.S. energy companies last week added the most rigs drilling for new production in almost four years. Drillers added 29 rigs in the week to Jan. 20, bringing the total count up to 551, the most since November 2015, energy services firm Baker Hughes BHI.N said on Friday. oil production levels have risen over 6 percent since mid-2016, and although they remain 7 percent below their historic 2015 peak, they are back to levels of late 2014, when high U.S. crude output contributed to a crash in oil prices.

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Gold imports declined by about 8% to $31.72 billion in 2015-16 due to weak global prices and are expected to keep a lid on the country's current account deficit.

Gold imports stood at $34.38 billion in 2014-15.

The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.


In March, the imports dipped for the second consecutive month in March. It fell by 80.48% to $972.96 million.

The contraction in the imports helped narrow trade deficit to five-year low of $5.07 billion last month. The deficit was at $11.39 billion in the year-ago period.

India is the largest importer of gold in the world and the imports mainly cater to the demand of jewellery industry.

India's current account deficit (CAD) narrowed to 1.3% of GDP in third quarter of the fiscal 2015-16 as against 1.5% in the same period previous year, mainly on account of lower trade deficit.

Dip in gold imports have impacted the exports of gems and jewellery.

Gems and jewellery export grew by just 4.6% in March to $3.61 billion.

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Oil prices slipped on Monday over worries that the result of next Sunday's meeting of producers in Qatar aimed at freezing current output levels would fail to improve the current supply-demand balance.

Brent crude futures, the global benchmark, were down 27 cents at $41.67 a barrel at 0810 GMT, retreating from a three-week high reached on Friday.

Oil prices rallied more than 6 percent on last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009. U.S. WTI crude also eased on Monday, falling to $39.51 a barrel, down 21 cents from the prior session. "Prices will move back and forth this week on expectations for Doha. This morning it seems that speculation is being scaled back again.

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To protect securities market from cyber threats, regulator SEBI has asked commodity derivatives exchanges to put in place framework to safeguard systems, networks and databases from such attacks.

"The exchanges are one of the systemically important Market Infrastructure Institutions (MII) and for operational ... these MIIs, need to have "robust cyber security framework in order to provide essential facilities and perform systemically critical functions relating to trading, clearing and settlement in market operation environment seamlessly," SEBI said.

The circular will be applicable with effect from January 1, 2017.

The major framework of cyber security and cyber resilience would include governance, identify, protection monitoring and detection, responses and recovery, sharing of information, training and periodic audit.

In July, the Securities and Exchange Board of India (Sebi) had asked stock exchanges and other key entities to put in place a system that would prevent cyber attacks and improve its resilience.

The cyber attacks and threats attempt to compromise the confidentiality, integrity and availability of the computer systems, networks and databases.

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Top Gainers:- GAIL, Adani Ports, Bharti Airtel, ONGC and ICICI Bank
Losers:- Lupin, Sun Pharma, Cipla, HDFC and Dr Reddy's Labs are losers in the Sensex

The market is still firm with support from bank, capital goods, metals and oil & gas stocks. The Sensex is up 145.41 points or 0.6 percent at 24827.89 and the Nifty is up 57.45 points or 0.8 percent at 7556.20. About 1366 shares have advanced, 769 shares declined, and 135 shares are unchanged.

GAIL, Adani Ports, Bharti Airtel, ONGC and ICICI Bank are top gainers while Lupin, Sun Pharma, Cipla, HDFC and Dr Reddy's Labs are losers in the Sensex.

Oil prices extended their gains in Asia today after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline.Prices have rallied from near 13-year lows touched in February after Russia and Saudi Arabia mooted a meeting to freeze output.

News of the producers' meeting overshadowed a report showing a lower-than-expected build in US commercial crude inventories.

A weaker dollar after the Fed decided against an interest rate increase yesterday also provided support to prices as it makes the commodity cheaper for clients using other currencies.

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Venezuelan Oil Minister Eulogio Del Pino and Iraqi Oil Minister Adel Abdel Mahdi were to travel to Tehran for talks with their Iranian counterpart Bijan Zanganeh in a bid to reach a deal to restrain output and prop up sagging prices.

Iran signaled that it would take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed.

Crude prices sold off in volatile trade on Tuesday after a meeting between oil ministers from Saudi Arabia, Russia, Qatar and Venezuela ended with consensus to freeze output, but said the deal was contingent on other producers joining in, disappointing investors who were hoping for a coordinated supply cut.

Oil futures are down nearly 70%.

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