Investing.com – Oil prices ticked higher on Monday, staging a modest rebound after falling by more than 2% in the prior session amid indications that U.S. drilling activity fell to its lowest level in about two months.
Offering a hint on U.S. production activity, Baker Hughes on Friday reported that the number of active domestic rigs drilling for oil fell by four to , the lowest since mid-October.
That helped ease worries about oversupply in the market.
U.S. futures tacked on 16 cents, or roughly 0.3%, to $51.63 a barrel by 9:00 AM ET (14:00 GMT).
International futures were at $60.58 per barrel, up 30 cents, or about 0.5%.
Oil prices sank on Friday as weak data from China and Europe stoked fears of a global economic slowdown.
With just about two weeks to the end of 2018, WTI remains down about 15% on the year and some 32% lower from four-year highs of nearly $77 per barrel hit in early October.
Brent is down about 10% on the year and nearly 32% lower from four-year highs of nearly $87 per barrel hit two months ago.
In other energy trading, rose 0.1% to $1.443 a gallon, while added 0.3% to $1.850 a gallon.
plunged 3.4% to $3.697 per million British thermal units as forecasts for warmer-than-normal temperatures to the end of the month weighed.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
