Oil prices rally above $55 as investors pile in

(Reuters)Crude oil prices rose on Monday as investors shrugged off bearish Chinese data and news of a U.S. refinery strike and focused on a falling U.S. rig count that signaled lower production down the line.

“There were a lot of people on the sidelines waiting for an opportunity to buy,” said Bjarne Schieldrop, chief commodity analyst at SEB.

“Brent has moved sideways for a while but it closed above the 20-day moving average on Friday for the first time since July, and that has encouraged people to come in.”