West TX Oil Remains Above $52

U.S. crude futures rose for a third straight session, while Brent hit an eight-week high above $62 a barrel after another drop in the U.S. rig count signaled the pressure producers face from low oil prices.

NYMEX crude for March delivery was up 43 cents at $53.21 a barrel by 2353 GMT, after settling up $1.57 on Friday. It hit a one-week high of $53.69 earlier.  U.S. markets are shut on Monday for the Presidents’ Day holiday.

London Brent crude for April delivery was up 53 cents at $62.05 a barrel, after settling up $2.24 on Friday. The contract rose as high as $62.32, an eight-week high.  The number of oil drilling rigs in the United States fell to its lowest since August 2011, data showed on Friday.

CNBC

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