Brent approaches $61, set to end 7-month losing streak

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in North Sea and renewed fears of gas supply disruption in Europe supported prices.



A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by more than 14 per cent so far this month from January’s close of $52.99.



US crude is also on course for its first monthly rise in eight, but with a more modest gain of about 1.3 percent.



Brent crude rose 68 cents to $60.73 a barrel by 0158 GMT. US crude was also up 68 cents at $48.85.



In the United States, a reduction in rig counts coupled with a slump in upstream investments supported expectations that production could be trimmed going forward. The active drilling rig count in North Dakota, the country’s second largestoil producing state, dropped to 119 on Feb. 26, versus 193 last year, state data showed.



While supplies from Libya increased to 100,000 barrels a day on Thursday, up from 40,000 bpd, Spain’s Repsol said the company has little hope of restarting production there in the short-term citing security problems.



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Posted in: Indian Market Tips