Oil prices traded higher on hopes that oil producers will cut their oil output. United Arabian Emirates (UAE) Energy Minister Suhail bin Mohammed al-Mazrouei said last Thursday that the Organization of the Petroleum Exporting Countries (OPEC) was ready to cooperate to lower oil production.
Market participants are also eyed the number of active U.S. rigs data. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 28 rigs to 439 last week. It was the lowest level since January 2010. Combined oil and gas rigs declined by 30 to 514.
WTI crude oil for March delivery rose to $30.15 a barrel on the New York Mercantile Exchange.
Brent crude oil for March increased to $33.76 a barrel on ICE Futures Europe.