Oil Prices Rise On Lower Drilling, Chinese Economic Stimulus

Oil prices continue to rise, on the data showing the drop in the number of US drilling wells for crude and China's economic stimulus measures.

Brent crude rose to 64.34 dollars a barrel on Monday, its highest level this year, while U.S. crude for May delivery was also increased to 56.64 dollars per barrel.

While the drop in the number of drilling wells slowed, recovery in US oil drilling activity may never reach last year's frenzied pace, analysts said.

China's central bank cut the amount of cash that banks must hold as reserves on Sunday, the second industry-wide cut in two months, adding liquidity to boost the economy. - Istanbul