Reuters reports that crude oil rose sharply on the last trading session of February, posting its first monthly gain since June.
Brent crude LCOc1 rose $2.53 to $62.58 a barrel. February’s 18 percent gain was the biggest monthly percentage rise since May 2009.
The Wall Street Journal reports that the oil-field services company Baker Hughes saw its rig count fall by 33 this week, to 986, dropping below 1,000 for the first time since 2011. The count is off 31 percent from the same time a year ago.
… analysts caution a reduction in the number of U.S. oil rigs in use doesn’t immediately translate to a fall in output, which is currently running at a multiyear high of 9.3 million barrels a day.