Oil prices rally amid declining supplies

New York: Oil prices surged on Monday as data showed oil producers are cutting output amid low prices.

The West Texas Intermediate for April delivery moved up $1.98 to settle at $37.9 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased $2.12 to close at $40.84 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.