Oil prices rally above $53 as investors pile in

Crude oil prices rose on Monday as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signalled lower production down the line. "There were a lot of people on the sidelines waiting for an opportunity to buy," said Bjarne Schieldrop, chief commodity analyst at SEB. At 1438 GMT, Brent crude futures were up 50 cents at $53.50 a barrel, after leaping as high as $55.62 and dipping as low as $51.41, as the bulls battled with the bears. Brent crude speculators raised their net long positions by 1,056 contracts to 143,039 in the week to Jan. 27, ICE said on Monday, as some investors took the view that the oil price was beginning to bottom out.

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