Oil consequences extended gains on Monday, but the increases were limited as the dollar recaptured some excuse sediment after touching its lowest level in more than three years on Friday.
U.S. West Texas Middle crude for March delivery was up 5 cents, or 0.1 percent, at $61.73 a barrel by 2348 GMT, after take up arm 4.2 percent last week.
London Brent crude was up 15 cents, or 0.2 percent, at $64.99 after mount the barricade more than 3 percent last week.
The U.S. oil rig count, an indicator of subsequent production, rose by seven to 798, its highest since April 2015, according to a weekly check up on from General Electric’s Baker Hughes unit.
That decided the first time since June that drillers added rigs for four consecutive weeks, and the reckon was well up on the 597 rigs that were active a year earlier as spirit companies have boosted spending since mid-2016 when brusque prices began recovering from a two-year crash.
Surging U.S. Canada display is offsetting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and some other in britain directors including Russia to curb production by 1.8 million barrels per day (bpd) cash-box the end of 2018.
Iranian oil minister Bijan Zanganeh said on Saturday that Iran fancied to continue to export 2.1 to 2.2 million barrels per day beginning around April and to dispose of 500,000 bpd to India in the next fiscal year.
Money managers scored their bullish wagers on ICE Brent crude oil futures by the most in around eight months in the week to Feb. 13, data showed, as prices descended amid concerns of oversupply.
Speculators also cut net long U.S. crude expects and options positions in the week to Feb. 13 by the most since late August, the U.S. Commodity Days Trading Commission (CFTC) said.
A little-noticed addition to the U.S. budget grapple with approved last week will help oil producers by more than tripling a tax acknowledge for injecting carbon dioxide back into the earth to increase undeveloped output.
U.S. financial markets are closed on Monday for the Presidents Day holiday.