Brent prices rise

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and healthy growth in China’s implied oil demand this year supported prices.
A reduction in rig counts and expectation of better oil demand have helped Brent prices rise by around 15 percent so far this month from January’s close of $52.99.
US crude is also on course for its first monthly rise in eight, but with a more modest gain of about 1.9 percent.
China’s implied oil demand is set to grow 3 percent this year, the country’s top energy group China National Petroleum Corp said on Friday, surpassing the International Energy Agency’s forecast of 2.5 percent.
Analysts at Phillip Futures also saw indications of improved demand from the Eurozone and Japan. “If growth continues to remain strong, this would likely mean that crude oil would be rising on increased demand,” the Singapore-based brokerage said in a note.