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1st LD Writethru: Oil prices rise as Brent sets record high

Xinhua, February 18, 2015 Adjust font size:

Oil prices climbed Tuesday with Brent crude soaring to the highest level this year as the drop of rig count continued to spur market bulls.

Oil prices declined early Tuesday as Greece rejected the bailout plan proposed by its Eurozone partners Monday. However, crude prices went up later as the falling U.S. rig count continued to dominate the market, analysts said.

Brent crude for April delivery rose to 63 U.S. dollars a barrel during the session, the highest since Dec. 18, 2014.

U.S. field services company Baker Hughes said Friday that the number of oil rigs in the country dropped by 84 to 1,056, the lowest level since August 2011.

Meanwhile, crude prices were supported as energy producers planned to slash investment and rig count this year in face of historically low crude prices, which investors saw as a sign for lower production in the future.

Light, sweet crude for March delivery moved up 0.75 U.S. dollar to settle at 53.53 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery rose 1.3 U.S. dollars to close at 62.53 dollars a barrel. Endite