Oil prices rise on reduced US drilling activity, booming job market
Oil markets climbed on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.
U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3 percent.
Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close.
“A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities.
The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.
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