Mubasher: Oil prices rose in Monday's early trading on positive forecasts this year.
At 0450 GMT, Brent crude rose 2% or 77 cents to $39.49 a barrel, while West Texas Intermediate increased 71 cents to $36.63.
EFG-Hermes officials told reporters on Sunday that oil prices would recover in early 2017.
The number of US rig counts decreased for the 11th straight month, falling 8 to 392 at the end of last week, according to the data released by Baker Hughes.
The oil output also declined for the sixth straight week to reach 9.08 million barrels a day, the U.S. Energy Information Administration (EIA) said at the end of last week.
