Off the wire
• Syrian army captures key town in southern region  • Switzerland's contribution to UN climate deal comes first  • Urgent: U.S., Cuba could open embassies before regional summit in April: U.S. diplomat  • 1st LD Writethru: U.S. stocks drift lower on soft GDP report  • Irish PM's St. Patrick's mission to U.S. focuses on investment, trade  • Greek gov't to establish new framework for long-term collaboration with China: Varoufakis  • U.S. denounces killing of Bangladeshi-American writer  • Czech President mourns shooting victims  • Mexico captures head of Knights Templar drug cartel  • Xinhua Middle East news summary at 2200 GMT, Feb. 27  
You are here: 　 Home

1st LD Writethru: Oil prices rebound following heavy sell-off

Xinhua, February 28, 2015 Adjust font size:

Oil prices rebounded Friday as traders bought the dip after previous day's sharp decline.

Worries about global supply glut dragged oil prices down Thursday as traders believed the oversupply situation could not change overnight.

Energy Information Administration (EIA), the Energy Department' s statistical arm, on Wednesday released its report covering U.S. crude supplies of the week ending Feb. 20. U.S. crude stockpiles increased 8.4 million barrels to 434.1 million, 71.7 million barrels more than a year earlier.

U.S. crude production reached 9.285 million barrels a day last week, the highest level since 1983.

Crude prices were supported by the news that U.S. oil rig count declined for the 12th straight week.

The number of U.S. rigs actively drilling for oil and natural gas as of Feb. 27 dropped 43 to 1,267 rigs, oil service company Baker Hughes reported. The rig count is down 502 from the same time last year.

Light, sweet crude for April delivery gained 1.59 U.S. dollars to settle at 49.76 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for April delivery moved up 2.53 dollars to close at 62.58 dollars a barrel. Endite