Oil futures rose on Monday, with traders citing opportunistic buying following sharp declines in the previous week that brought prices to their lowest since early August because of ongoing weak fundamentals.

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  International Brent crude oil futures were trading at $46.00 per barrel at 0412 GMT, up 42 cents, or 0.92 percent, from their previous close. On Friday, the global benchmark had fallen as low as $45.08, its weakest since Aug. 11.

U.S. West Texas Intermediate (WTI) crude futures were up 48 cents, or 1.09 %, at $44.55 a barrel. WTI hit $43.57 on Friday, its lowest since Sept. 20.

Last week's losses were the steepest since January and took nearly 15 % off a one-year high for Brent at $53.73 a barrel that was hit in the first half of October.

                                              In the United States, there were also signs of rising future output as the number of drilling rigs looking for new oil to produce rose by 9 to 450 in the week to Nov. 4, the highest level since February.                                   

                             "Since its trough on May 27, 2016, producers have added 134 oil rigs (+40 %) in the U.S.," Goldman Sachs said in a note.