Oil prices rises on Monday due to tightening in the supply and positive sentiments leading to the positive outlook in the market leading to market recovery. Front-month Brent LCOc1 crude futures were trading at $39.49 per barrel at 0400 GMT, up 77 cents or 2 percent from their last settlement. That is up more than a third from a low hit in January, when prices fell to levels not seen since 2003.
US market has been positive on crude values on Friday and Monday morning and now focus on Asian market. On the supply side, U.S. energy firms have cut oil rigs for an 11th week in a row to the lowest level since December 2009, as producers slash costs.
