Oil prices give up gains, U.S. output weighs against OPEC-led cuts
Oil prices gave up early gains on Monday, as the market weighed news from OPEC and other producers about prolonging output cuts against data showing the recovery in U.S. drilling had extended for a year. U.S. light crude was also little moved at $46.28 a barrel, down from a intra-day high of $46.98. OPEC meets on May 25 when it is expected to discuss extending the cuts to the end of 2017, although analysts say a further six-month extension may not be enough.
