Oil hovers near daily highs despite oil-rig count rise, still on track for weekly and monthly losses

Oil prices remain steady above $41.00 a barrel even after Baker Hughes reported the fifth straight weekly climb in US oil-rig count.

Active US oil-rig count rose 3 to 374 in the week ended Jul 22. The previous week, rig-count had risen 14, marking the largest increase so far this year.

However, West Texas Intermediate futures remained steady, trading around $41.30 a barrel, up 0.65% on the day, although off highs set above $41.50/bbl.

However, WTI front-contract remains headed for a weekly loss of more than 6% and a sharp monthly decline in July.