West Texas Intermediate futures for March delivery, which expires today, rose to $32.40 (+2.05%), while Brent crude advanced to $33.52 (+1.54%) as market participants welcomed a decline in U.S. rig count; however persistent concerns over the global supply glut kept a lid on gains.

Data from the Baker Hughes Rig Count showed on Friday that active rigs declined by 27 across the U.S. last week. The figure now stands at 514 compared to 1,310 a year ago. Experts believe that fewer rigs will result in lower production levels in the U.S. and help to ease the supply glut in 2016. But global supplies are still ample.

Optimism regarding an output freeze deal faded as such producers as Iraq and Iran made no statements on joining the agreement.