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Oil prices climb on U.S. rig count, oversupply fears weigh

Published 22/02/2016, 10:36
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Investing.com - Oil prices rose on Monday, supported by a fall the U.S. rig count, but oversupply fears continued to weigh

U.S. crude futures rose to above $30 per barrel, trading at $32.75 at 10.05 GMT

International benchmark Brent was up 2.7% at $33.92 per barrel

Data on Friday showed that the number of oil rigs in operation in the U.S. fell to the lowest level since December 2009 last week

A falling rig count is expected to lead to a decline in production this year that could help support prices

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