Oil gains as Saudi stands by OPEC supply cuts, U.S. rig activity drops

Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.50 per barrel at 0945 GMT GMT, up 43 cents, or 0.77 percent from their last close. Brent crude futures were at $66.29 per barrel, up 55 cents, or 0.84 percent.