WTI crude rose 0.78% to $59.40 at 3:02 p.m. as oilfield services firm Baker Hughes (BHI) announced that the U.S. oil rig count declined for the 22nd consecutive week, according to Reuters.
The number of crude drilling rigs in U.S. oilfields dropped by 11 last week, bringing the total to 668 rigs, less than half of the 1,528 at the same time last year.
In addition, the April U.S. job report released Friday also boosted U.S. crude prices.
Nonfarm payrolls increased 223,000 in April, despite the fact that March payrolls were revised down to just 85,000.
More than 4.6 million shares had exchanged hands as of 3:05 p.m. ET, compared to the daily average volume of 7.12 million.