Oil prices rose on hopes that top oil producers could cooperate to stabilise the oil market. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members could meet to discuss the freeze of the oil production in Moscow on March 20.
The United Arab Emirates' energy minister, Suhail bin Mohammed al-Mazrouei, said on Monday that all oil producer are interested in freezing their production as oil prices are low. That could help to balance the oil market, he added.
Baker Hughes' data also supported oil prices. The oil driller Baker Hughes reported on Friday that the number of active U.S. oil rigs declined by 8 rigs to 392 last week. It was the lowest level since December 4, 2009. The number of gas rigs slid by 5 to 97, the lowest level since 1987.
WTI crude oil for April delivery increased to $37.18 a barrel on the New York Mercantile Exchange.
Brent crude oil for April rose to $40.22 a barrel on ICE Futures Europe.