Oil prices have risen following a fall in oil drilling rig numbers in the US that indicated hopes of lower crude production.

Brent increased 89 cents at $33.90 a barrel, while the US crude futures rose above $30 a barrel, Reuters reported.

ABN AMRO in Amsterdam senior energy economist Hans van Cleef told the news agency: "Positive sentiment on the stock market and the impact of the lower US rig count gives some support to oil prices."

"Positive sentiment on the stock market and the impact of the lower US rig count gives some support to oil prices."

Data revealed by Baker Hughes highlighted a decline in the number of rigs by 26 to 413 by US oil drillers.

The fall in numbers indicated prospects for a slump in output from the US, easing oversupply globally.

The number of rigs declined sharply since oil prices began to fall.

At present, there are about 68% fewer rigs of all kinds from a peak of 1,609 in October 2014, The Wall Street Journal reported.

Crude stocks of 504.1 million barrels in the US also weighed on markets, countering a proposal to freeze output at January levels by Russia and the Organization of the Petroleum Exporting Countries (OPEC).