Price of oil rises to around US$137 despite Saudi output pledge (Oil-Prices)

NEW YORK _ Oil prices rose Monday as traders shrugged off a pledge by Saudi Arabia to increase its production and focused on disruptions to Nigerian supply and heightened Middle East tensions.Saudi Arabia said Sunday it would produce more crude oil this year if the market needs it. The kingdom announced a 300,000 barrel per day production increase in May and said before the start of the meeting in Jeddah that it would add another 200,000 barrels per day in July, raising total daily output to 9.7