U.S. oil prices climbed on Monday as data showed the country's rig count declined last week.
The number of rigs operating in U.S. oil fields fell by 7 to a total of 736 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
However, analysts pointed out that the reduction in drilling rigs in the United States could be temporary, as activity had been restrained by recent hurricane threats.
Meanwhile, geopolitical tensions in the Middle East continued to provide support in the market.
The Iraqi military on Friday said the Kurdish Peshmerga forces used German rocket in fighting against Iraqi federal forces at a disputed area in the oil-rich province of Kirkuk,Meanwhile, local media reported Iranian Supreme Leader Ayatollah Ali Khamenei said earlier this week that Iran will cut 2015 international nuclear deal into shreds if the United States chooses to tear it up.
Analysts said unrest in the Middle East and rising tension between U.S. and Iran boosted the oil prices, as traders feared geopolitical tensions could cut off oil exports from the region.
The West Texas Intermediate for December Delivery added 0.06 dollar to settle at 51.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery erased 0.38 dollar to close at 57.37 dollars a barrel on the London ICE Futures Exchange.
The number of rigs operating in U.S. oil fields fell by 7 to a total of 736 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
However, analysts pointed out that the reduction in drilling rigs in the United States could be temporary, as activity had been restrained by recent hurricane threats.
Meanwhile, geopolitical tensions in the Middle East continued to provide support in the market.
The Iraqi military on Friday said the Kurdish Peshmerga forces used German rocket in fighting against Iraqi federal forces at a disputed area in the oil-rich province of Kirkuk,Meanwhile, local media reported Iranian Supreme Leader Ayatollah Ali Khamenei said earlier this week that Iran will cut 2015 international nuclear deal into shreds if the United States chooses to tear it up.
Analysts said unrest in the Middle East and rising tension between U.S. and Iran boosted the oil prices, as traders feared geopolitical tensions could cut off oil exports from the region.
The West Texas Intermediate for December Delivery added 0.06 dollar to settle at 51.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery erased 0.38 dollar to close at 57.37 dollars a barrel on the London ICE Futures Exchange.
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