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Global oil prices edged up on Monday on the back of a slight decline in the number of US rigs drilling for new production, with crude holding just below near three-year highs reached last week.
US West Texas Intermediate (WTI) crude futures CLc1 were at $61.62 a barrel at 0344 GMT, 18 cents, or 0.3 per cent, above their last settlement, and not far off the $62.21 May 2015 high reached last week.
Brent crude futures LCOc1 were at $67.77 a barrel, 15 cents, or 0.2 per cent, above their last close. Brent hit $68.27 high last week, the highest since May 2015, reports Reuters.
Traders said the gains were due to a slight decline in the number of US rigs drilling for new production, which eased by five in the week to January 5, to 742.
Despite this, US production C-OUT-T-EIA is expected to break through 10 million barrels per day (bpd) very soon, largely thanks to soaring output from shale drillers.
Only top producers Russia and Saudi Arabia produce more.
Rising US production is the main factor countering production cuts led by the Middle East dominated OPEC and by Russia, which began in January last year and are set to last through 2018.