Oil prices were up to start trading on a higher note on Monday as the number of oil rigs in the U.S. have fallen to their lowest level in almost two years.
The international benchmark Brent crude was trading at $62.20 per barrel at 0624 GMT for a 1.07% gain after ending Friday at $61.54 a barrel.
American benchmark West Texas Intermediate was at $57.20 a barrel for a 1.2% loss after finishing the previous session at $56.52 per barrel.
The number of oil rigs in the U.S., which is an indicator of future crude oil production in the country, fell by four for the week ending Sept. 6 to reach 738 from 742 in the previous week, according to data released by oilfield services company Baker Hughes on Friday.
While this marked the ninth decline in oil rig count in the past ten weeks, it also brough the number of oil rigs in the U.S. to its lowest level since November 2017.
By Ovunc Kutlu