Oil traded near $33 a barrel as U.S. drillers cut the number of active rigs to the lowest level in more than six years amid a global glut.
Futures gained 0.4 percent, trimming a fourth monthly drop. Rigs targeting oil fell by 13 to 400, the lowest since December 2009, according to Baker Hughes Inc. That is the 10th week of declines. Hedge funds and other speculators increased net-long positions in West Texas Intermediate futures and options by 14 percent to the highest since November in the week ended Feb. 23, according to U.S. Commodity Futures Trading Commission data.
WTI for April delivery was at $32.91 a barrel on the New York Mercantile Exchange, up 13 cents, at 9:05 a.m. Hong Kong time. The contract lost 29 cents to close at $32.78 on Friday. Total volume traded was about 22 percent below the 100-day average. Prices rose 11 percent last week, the most since August, and are down 2.2 percent in February.