By Biman Mukherji 
 

--Oil futures were near session lows in midday Asian trading on Monday, reversing some of Friday's gains, as investors take stock of a market that's risen in four of the past five weeks despite U.S. production hitting record highs.

--April light, sweet crude on the New York Mercantile Exchange was recently down 0.5% at $62.01 a barrel in the Globex trading session. May Brent fell 0.6% to $65.82.

--While output cuts from the effort led by the Organization of the Petroleum Exporting Countries has been more than offsetting the U.S. increases, BMI Research said compliance has been in no small part thanks to Venezuela's production plunge amid that country's economic woes.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

March 19, 2018 00:55 ET (04:55 GMT)