LONDON: Oil prices rebounded on Monday from earlier losses as traders eyed supply concerns and digested a weekend meeting of the world's 20 major economies.
New York's main contract, West Texas Intermediate (WTI) for delivery in April, rallied $1.12 to $103.32 a barrel.
Brent North Sea crude for April added 73 cents to $110.58 a barrel in London late afternoon deals.
"Oil prices are starting the new week of trading with slight gains," said Commerzbank analyst Carsten Fritsch.
"Supply risks such as the ongoing production outages in Libya, the fighting in South Sudan and the unrest in Venezuela, not to mention low stock levels of middle distillates on both sides of the Atlantic, are lending support to prices."
Crude futures had meanwhile pulled lower in earlier deals on Monday amid milder weather in the United States.
Markets also pored over the outcome of the Group of 20 meeting in Sydney on Sunday.
Finance ministers and central bank governors from the G20, which accounts for 85 percent of the world's economy, issued a statement to drive "a return to strong, sustainable and balanced growth in the global economy".
The International Monetary Fund has said the strategy would add half a percentage point to global growth annually over four years starting next year.
The fund currently projects growth of 3.7 percent this year and 3.9 percent in 2015.
"The G20 pledging a two percent (percentage points) growth over a five-year period has provided some positive sentiments over the growth in the medium term," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.
"The growth target, which also reflected $2 trillion in real value terms, will support oil prices," he said, noting the G20's shift away from austerity as economic recovery takes hold.
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