ALSO READOil markets mixed as U.S crude, Brent move in opposite directions U.S. oil prices hit highest since 2015, but doubts loom over rally Oil markets mixed on lower Canadian flows, firmer dollar Oil slips away from 2014 highs, though overall 2018 outlook remains firm Oil prices hit highest since 2014, but analysts warn of overheated mkt
By Henning Gloystein
SINGAPORE (Reuters) - 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.
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.
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.
Despite the lower rig count, which is an early indicator of future output, activity remains much higher than a year ago when, when just 617 rigs were active, and most analysts expect U. S. crude oil production, which has already risen by over a fifth since mid-2016, to 10.37 million barrels per day (bpd), to rise further.
(Reporting by Henning Gloystein; Editing by Joseph Radford)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)