Oil prices rise, despite Saudi pledge to increase output (Oil-Prices)

SINGAPORE _ Oil prices rose Monday as investors shrugged off Saudi Arabia`s pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tension.Saudi Arabia said Sunday it will produce more crude oil this year if the market needs it. The kingdom announced a 300,000-barrel-a-day production increase in May and said before the start of the Jiddah meeting that it would add another 200,000 barrels a day in July, raising total daily ou