Crude prices higher after U.S. rig-count adds to streak of declines

Crude-oil prices advanced higher on Asia trade Monday on short covering and expectations that the market might be tightening after data showed that U.S. crude inventories and drilling activities cooled last week.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK6, -0.08%  traded at $39.86 a barrel, up $014 in the Globex electronic session. June Brent crude LCOM6, +0.02%  on London’s ICE Futures exchange rose $0.15 to $42.09 a barrel.

The U.S. oil-rig count fell by eight to 354 in the latest week, according to Baker Hughes, maintaining a streak of declines. The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the sector, has fallen sharply since oil prices began to fall. But it hasn’t fallen sufficiently to relieve the global glut of crude.

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