High oil prices

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Oil prices rose on Monday, buoyed by a slowdown in the number of drilling rigs in the United States and strong demand for refineries in China.

Brent crude futures rose 11 cents, or 0.2 percent, from a previous close of $ 49.02 a barrel. US crude futures for the year were $ 46.64 a barrel, up 10 cents, or 0.2 percent.

Baker Hughes said on Friday that US companies added two oil diggers over the week ending July 14 to a total of 765 diggers.

The highest level since April 2015 but the pace of increases slowed. The average of new excavators in the last four weeks has been five rigs, the lowest level since November 2016.

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