Oil rallies for third day after OPEC sees greater crude demand

NEW YORK (Reuters) - Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply as well from countries outside the group.

Data from last week showing the U.S. oil rig count at a three-year low also bolstered prices, which were attempting to find a floor after one of the most brutal selloffs in crude that wiped had out more than half of the market's value since June.

Benchmark Brent oil futures were up 65 cents, over 1 percent, at $58.45 a barrel by 9:22 a.m. ET, revisiting Friday's one-week peak of $59.06.

U.S. crude futures, or WTI, rose $1.15, or 2 percent, to $58.24 after rising to $53.40 earlier.

WTI's front-month contract, March , was at its narrowest discount in a week to the second month, April , as strong gains in oil for prompt delivery reduced some of "contango" that made it profitable to store crude for future delivery.

(Additional reporting by Jack Stubbs in London, Manolo Serapio Jr and Henning Gloystein in Singapore; Editing by David Clarke and Bernadette Baum)

WhatsAppFacebookTwitterLinkedinBeloudBluesky