West Texas Intermediate futures for October delivery, which expires tomorrow, advanced to $45.53 (+1.13%), while Brent crude climbed to $48.00 (+1.12%) after Baker Hughes reported over the weekend that the number of drilling rigs in the U.S. declined further. The oil-rig count fell by 8 to 644 posting the third weekly decline in a row suggesting that producers are trying to support prices by cutting output.

Nevertheless China's slowing economy keeps prices under pressure amid concerns over oil demand.