Oil is trading higher today continuing Friday's bullish momentum on weaker Chinese data that could lead to further stimulus measures taken by the Peoples Bank of China - China is the world's second largest consumer of oil - and decreasing numbers of active drilling rigs in the U.S. Baker Hughes reported on Friday that rig-numbers declined the most in a month and the 18^th consecutive month. Still, U.S. stockpiles are at a record and Saudi Arabia, the OPEC's largest producer is pumping at record levels. Brent Crude added +1.47% currently trading at USD58.72 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate rose by +1.51% currently quoted at USD52.42.