Oil price was opened with a rise on Monday, after it had been falling down for six sessions in a row.
April Brent futures were 56 cents or o.89% up On Monday morning. At the end of ICE Futures trading session on Friday evening, the contracts price went down by 2.02 dollars or 3.12%, to $62.79 a barrel.
March WTI futures were 65 cents or 1/1% up on Monday morning, at 59.85. The contract price went down by 1.95 dollars or 3.19%, to $59.2 a barrel at the end of NYMEX trading session on Friday evening.
According to Bakers Huges report, released on Friday, the total number of active U.S. oil rigs for week ended February 9 had the highest increase since January 2017. It grew by 26 units, up to 791 ones.
According to MarketWatch, referring to WTRG Economics analysts, James Williams, the rise in oil rigs number, makes up the base to increase U.S. crude oil production by more than 1 million bpd. However, it will be available, if oil prices remain above $50 a barrel. It adds, Friday wasn't a good day for OPEC.