Oil prices rose due to taking profit. Cold weather supported oil prices.

But it is likely that oil prices will remain volatile. Concerns over the global oil oversupply still weigh on oil prices. Iran said on Friday that it plans to ship its oil to the European Union in February.

Market participants are also awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported on last Friday that the number of active U.S. rigs declined by 1 rigs to 515 last week. It was the lowest level since April 2010.

WTI crude oil for March delivery rose to $31.85 a barrel on the New York Mercantile Exchange.

Brent crude oil for March increased to $31.23 a barrel on ICE Futures Europe.