Improvement of Oil, Decline of Drilling Activity

Oil prices have surged as the US drilling activity for new oil production saw its first decline for a pretty long period. Brent crude futures rose 16 cents (0.3%) to close at 48.93 dollars/barrel. Last week, they marked its first lift in 6 weeks of 5.2%. WTI crude futures was up 24 cents (0.5%) and settled at 46.28 dollars/barrel.