Investing.com - Oil prices ticked higher on Monday, staging a modest rebound after falling by more than 2% in the prior session amid indications that U.S. drilling activity fell to its lowest level in about two months.
Offering a hint on U.S. production activity, Baker Hughes on Friday reported that the number of active domestic rigs drilling for oil fell by four to 873, the lowest since mid-October.
That helped ease worries about oversupply in the market.
U.S. West Texas Intermediate crude futures tacked on 16 cents, or roughly 0.3%, to $51.63 a barrel by 9:00 AM ET (14:00 GMT).
International Brent crude oil futures were at $60.58 per barrel, up 30 cents, or about 0.5%.
Oil prices sank on Friday as weak data from China and Europe stoked fears of a global economic slowdown.
With just about two weeks to the end of 2018, WTI remains down about 15% on the year and some 32% lower from four-year highs of nearly $77 per barrel hit in early October.
Brent is down about 10% on the year and nearly 32% lower from four-year highs of nearly $87 per barrel hit two months ago.
In other energy trading, gasoline futures rose 0.1% to $1.443 a gallon, while heating oil added 0.3% to $1.850 a gallon.
Natural gas futures plunged 3.4% to $3.697 per million British thermal units as forecasts for warmer-than-normal temperatures to the end of the month weighed.