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Oil price pushing $40 per barrel

Oil price pushing $40 per barrel
Global oil price hiked to push $40 aided by growing demand expectation and drop in oil rig count

The global crude oil price has hiked to levels near $40 per barrel on Monday, with more closure of rigs internationally, according to official figures.

A positive outlook for higher demand and supply cuts expected from OPEC and non-OPEC countries as well as the drop in rig counts in the U.S. led prices to open the week at $39.02.

The price of oil per barrel saw $39.33, on 9:25 GMT, a rise of 1.58 percent compared to Sunday, data shows.

Since Feb. 26, the oil price observed a steady rise from $35, reaching as high as $39.50 on Monday.

Growth in employment numbers in the U.S. and lower rig counts are sending a message of the expectation of higher oil demand.

The oil price hike continued with Friday's data showing stronger-than-expected jobs growth in February in the U.S.

The U.S. is estimated to have closed 13 oil rigs, a drop of 3 percent since Feb. 26, according to Baker Hughes rig count data.

The U.S. oil rig count is currently 489 compared to a rig count last year of 703.

Globally, in January, the oil rig count fell to 1,045, a count of 213 lower than last year, Baker Hughes said.

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