Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure, APA reports citing Reuters.
Brent crude futures climbed 52 cents, or 0.6%, to $85.95 a barrel at 0359 GMT. U.S. crude futures gained 55 cents, or 0.7%, to $81.18 per barrel.
Both benchmarks fell less than 1% last week versus the previous week. A stronger U.S. dollar, which rose about 1% over the last week, has kept a lid on prices.
U.S. oil rig count fell by one to 509 last week, showed data from energy services firm Baker Hughes, indicating lower future supply.
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