International benchmark Brent crude oil price increased by 0.50 percent reached $62.38 per barrel at 07.01 GMT on Monday.
American benchmark West Texas Intermediate traded at $55.83 per barrel with a 0.34 percent increase at 07.01 GMT.
The sudden jump in crude prices came after a decline in the number of oil rigs in the U.S., which is an indication of the well-being of the country's oil industry.
After corruption arrests of dozens of high-profile figures in Saudi Arabia over the weekend, including princes and current and former ministers, the oil price was helped to sustain at its highest level since July 2015.
A total of eight oil rigs were taken offline last week in the U.S., oilfield services company Baker Hughes announced earlier.
Oil prices are on the rise since last week as the production cut agreement between OPEC and non-OPEC countries remains in focus.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr