Oil extends rally after best week since 2011

Oil prices jumped on Monday as falling U.S. oil rig counts and conflict in producer Libya helped stretch a rally from last week when crude surged the most since 2011. Brent crude for March delivery was up 1.3 percent at $58.57 a barrel by 0003 GMT after rising as high as $59.06 earlier in the session. The number of rigs drilling for oil in the United States fell by 83 this week to 1,140 - the lowest since December 2011 - a survey showed on Friday, a clear sign of the pressure that tumbling crude