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Oil prices advanced on Monday, lifted by concerns over supply disruptions in the Middle East and as the U.S. market showed further indications of tightening while demand in Asia keeps strengthening.
Brent crude futures traded at $57.87 per barrel, up 12 cents or 0.21 percent from their last settlement. U.S. WTI crude stood at $52.04 per barrel, 20 cents or 0.39 percent higher from their previous close.
Analysts said oil prices are stable above $50 as potential supply disruptions in the Kurdish region of Iraq prop up prices.
A report by energy services firm Baker Hughes that the amount of U.S. oil rigs drilling for new production declined by seven to 736 in the latest week, the lowest level since June, also helped drive up prices.
With the U.S. market fundamentals improving, Iraq supply declining due to political tensions, and production still being limited in compliance to the supply cut deal by OPEC and other non-OPEC producers to tighten the market, much of the direction of prices will depend on demand going forward. In January-September, China's oil demand continues to be strong, with an average of 8.5 million bpd.
