Opec's Badri sees oil price revival by 2015-end

Opec Secretary-General Abdullah Al Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of the second half of 2015.

"We hope the price would rebound by the end of the second half of 2015," he said.

"We can't see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices."

Brent rises above $62 a barrel

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would likely remain above $60 for the rest of the year.

Front-month Brent crude prices climbed over a percentage point to above $62 per barrel after markets jumped more than 5 percent on Friday in lighter-than-usual pre-holiday volume that exaggerated the move higher.

Analysts said that Brent had received broad support after testing $60 a barrel at five-and-a-half year lows earlier this month and that consensus was growing that prices would likely remain above that level for the rest of the year.

Reuters technical analyst Wang Tao said that Brent prices would receive support at $60.77 a barrel and that they were trending up towards a target of $63.52 per barrel.

Front-month Brent was trading at $62.04, up $0.66 at 0210 GMT, and U.S. WTI's front-month contracts were up $0.69 at $57.82 a barrel.

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