Crude oil prices gained in early Asia on Monday as investors eyed a shaky cease fire in Ukraine
On the New York Mercantile Exchange, crude oil for delivery in March gained 0.56% at $53.97 a barrel.
Last week, crude oil futures rallied sharply on Friday, with prices continuing to recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies.
Industry research group Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. fell by another 84 in the past week to 1,056, the lowest since August 2011.
The number of oil rigs has declined in 15 of the last 18 weeks since hitting an all-time high of 1,609 in mid-October.
A day earlier, Nymex oil soared $2.37, or 4.85%, to end at $51.21 a barrel, after Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, crude oil for delivery in March gained 0.56% at $53.97 a barrel.
Last week, crude oil futures rallied sharply on Friday, with prices continuing to recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies.
Industry research group Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. fell by another 84 in the past week to 1,056, the lowest since August 2011.
The number of oil rigs has declined in 15 of the last 18 weeks since hitting an all-time high of 1,609 in mid-October.
A day earlier, Nymex oil soared $2.37, or 4.85%, to end at $51.21 a barrel, after Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence.
Read more Click here / www.trade4x.net
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