Crude oil futures were higher Monday morning after industry data showing a surprising decrease in the U.S. rig count.
Despite higher oil prices, domestic drillers mothballed five rigs last week, Baker Hughes said in its most recent report.
Crude oil prices have soared in the past few weeks due to speculation that OPEC will meet the terms of its supply quota agreement with Russia.
Dwindling U.S> oil inventories and political upheaval in Iran also pushed prices higher.
WTI light sweet crude oil was up 36 cents at $61.80 a barrel, near the highest in 3 years.
The material has been provided by InstaForex Company – www.instaforex.com
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