Oil markets climbed on Monday on the back of a drop in the number of United States rigs drilling for more production and as the United States economy continued to create jobs, which industry hopes will drive higher fuel demand.
Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from their previous close.
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“A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities.
The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday, NAN said.
In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months RIG-OL-USA-BHI, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said on Friday.
