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

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.