Oil prices are rising moderately, as Kuwait's oil minister has predicted their rise in the second half.

According to Kuwait's oil minister Ali al-Omaira, prices will rise in the second half due to production cuts.

Prices fell early in the session after a sharp increase last week, when the price of Brent for the first time since December exceeded $ 60 per barrel.

"Now let's see if prices hold out at $ 60 as a support level. I think it's very important level for Brent", - said analyst Olivier Petromatrix Jacob.

But many analysts are reminded that the global market is still excess oil as production remains high at relatively low demand.

"According to our estimates, in the first quarter of 2015 the world supply exceeds demand by 1.4 million barrels per day compared with 0.9 million in the fourth quarter of 2014," - the report said Bank of America Merrill Lynch.

"We reiterate our forecast that in the next two months, Brent to trade below $ 40 a barrel."

The reason for the optimism of investors is the continuing reduction in the number of drilling rigs operating in the US, which could signal a probable decrease in oil production in the country. According to the US oilfield services company Baker Hughes, last week the number of plants was reduced by 84 units to their lowest since August 2011 1054.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 53.69 dollars per barrel on the New York Mercantile Exchange.

April futures price for North Sea petroleum mix of Brent rose $ 0.66 to $ 62.18 a barrel on the London Stock Exchange ICE Futures Europe.