Oil prices rebound after US drilling pullback

New York : Oil prices on Monday rose after data showed a weekly decline in the number of US drilling rigs.

The number of rigs operating in US oil fields unexpectedly fell by five to 742 last week, Xinhua quoted oilfield service firm Baker Hughes as saying.

Meanwhile, traders kept a close eye on the political tensions in Iran. Over the past week, protests erupted in a number of Iranian cities against the government's economic policies.

At least 20 people, including civilians and policemen, were killed and dozens of others were injured during violent clashes between the protesters and security forces, according to unofficial reports.

The West Texas Intermediate for February delivery increased $0.29 to settle at $61.73 a barrel on the New York Mercantile Exchange, while Brent crude for March delivery added $0.16 to close at $67.78 a barrel on the London ICE Futures Exchange.