SINGAPORE (Reuters) - Oil prices edged up in early Asian trade on Monday, recouping some losses from the previous session as hopes that OPEC+ will continue to curb output offset concerns of weaker fuel demand amid rising COVID-19 cases and higher production from Libya.
Brent crude futures for January rose 27 cents, or 0.6%, to $43.05 a barrel by 0043 GMT while U.S. West Texas Intermediate crude for December was at $40.48 a barrel, up 35 cents, or 0.9%.
Both contracts gained more than 8% last week on hopes of a COVID-19 vaccine and that the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia will maintain lower output next year to support prices.
While fuel demand is slowing, Baker Hughes’ data showed that U.S. oil and natural gas rig count rose last week to their highest since May as producers, spurred by higher crude prices, return to the wellpad.
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