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Oil prices climbed Monday as US drillers reduced rigs for six consecutive weeks and as the US dollar touched three-week lows versus the euro.
According to Baker Hughes Inc., US drillers cut nine oil rigs in the week through October 9, bringing the total count down to 605. They had removed a total of 61 rigs over the last five week.
Since reaching an all-time high of 1,609 during this week last year, weekly rig count has averaged 20.
US West Texas Intermediate crude futures ended at $49.79 a barrel, while Brent futures settled at $52.76 a barrel.
Another decline in the US oil rig count bolstered WTI price, but the focus will be on the Chinese trade data that will reflect “whether low prices have kept import demand high,” said ANZ bank.
