17.12.201805:45:00UTC+00Oil Prices Inch Higher After Selloff

Oil prices rose slightly on Monday after falling more than 2 percent on Friday, weighed down by a falling U.S stock market and weak data from China pointing to lower fuel demand.

Prices remained supported after energy services firm Baker Hughes said U.S. drillers cut four oil rigs in the week to Dec. 14, pulling the total count to the lowest since mid-October at 873.

Global benchmark Brent crude rose half a percent to $60.58 per barrel while U.S. light crude futures were up 0.7 percent at $51.83 per barrel.

Both benchmarks fell more than 25 percent through October and November on concerns about a supply glut and demand slowdown as a result of a U.S-China trade spat.

Some investors doubt whether if OPEC and its allies can successfully rebalance their budgets as the U.S. influence over global oil market gets stronger.

With Iran refusing to commit to an across the board production cut and Qatar pulling out of OPEC after nearly 60 years of membership of the oil cartel, traders have become increasingly concerned about a surge in supplies.