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Oil prices rise on lower US rig count, but glut weighs on sentiment

Analysts see little relief from proposed oil production freeze by Russia and Opec

Published Mon, Feb 22, 2016 · 09:50 PM

Singapore

OIL prices jumped on Monday following steep losses in the previous session, supported by a fall in the US rig count, but analysts said general oversupply was keeping the market weak.

The International Energy Agency (IEA) said in a report on Monday that world oil prices are unlikely to rise before 2017, and even then their recovery will be slow as massive oil stocks feed into the market.

International benchmark Brent crude futures were up US$1.61, or 4.9 per cent, at US$34.62 a barrel at 1326 GMT, while US crude fut…