Oil prices inched up on Monday following a strong session on Friday, as financial traders increased their bets on higher prices amid a slowdown in US drilling, but analysts warned fundamentals remained weak.
Front-month Brent crude futures were trading at$57.89 a barrel by 0356 GMT, up 2 cents since their last settlement, while US crude was up 14 cents at $51.78.
Reuters data shows that open interest in WTI strike options for $60, $70, $80, $90 per barrel on Nymex has risen steadily since the beginning of the year, showing that many traders are betting on rising prices. Even options volumes for $100 a barrel have increased by almost 20 percent this year.
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