Oil Rises as US Rig Count Falls For Only Second Time This Year

Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.

Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks.

U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week’s 7 percent gain.

Prices were lifted as drilling activity in the United States for new oil production fell for the first time since January, dropping by two rigs.

Reuters

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