Oil prices rise on Monday after last week's losses

Oil prices edged higher on Monday morning after posting declines in the previous week, Interfax reported, citing market data.

As of 9:14 am Baku time (GMT+4), February futures for Brent crude rose by $0.32, or 0.52%, on London's ICE Futures exchange to $61.44 per barrel. On Friday, Brent fell by $0.16, or 0.26%, to $61.12 per barrel.

Meanwhile, January futures for WTI crude increased by $0.29, or 0.5%, to $57.73 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). In the previous session, the contract declined by $0.16, or 0.28%, to $57.44 per barrel.

Despite the rebound, both benchmark crude grades lost more than 4% over the past week.