U.S. crude futures rose for a third straight session, while Brent hit an eight-week high above $62 a barrel after another drop in the U.S. rig count signaled the pressure producers face from low oil prices.
The number of oil drilling rigs in the United States fell to its lowest since August 2011, data showed on Friday.
Many traders and analysts believe there is a global oversupply of nearly two million barrels per day of crude oil. They say little has changed fundamentally to explain the price rebound of the past two weeks.
Libya's El Sarir oil field is still unable to pump oil to Hariga port after sabotage on a pipeline just north of the field where repairs are ongoing, an oil official said on Sunday.
Production on a 240,000 barrels-per-day crude distillation unit at Exxon Mobil's 344,600 barrels-per-day Beaumont, Texas, refinery has been reduced due to thinned piping, said sources familiar with operations at the plant.
China's growth in broad money supply slumped to its lowest on record in January even as new yuan loans hit a 5-1/2-year high, boosting bets that Beijing may further loosen monetary policy to avert a sharper economic slowdown.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.