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1st LD Writethru: Oil prices gain on supply speculation

Xinhua, April 14, 2015 Adjust font size:

Crude prices continued to rise Monday amid the speculation that the low price will curb the surplus supply.

U.S. rig count continued to drop last week. It is believed that low crude prices forced U.S. shale oil producers to slow down the output.

The number of U.S. rigs actively drilling for oil and natural gas as of April 10, fell 40 rigs to 988, said oil service company Baker Hughes Friday.

U.S. crude production increased 18,000 barrels to 9.404 million barrels a day as of the week ended April 3, according to Energy Information Administration. U.S. crude supplies increased 10.9 million barrels to 482.4 million, 98.3 million barrels more than a year earlier.

However, traders expected that more Iranian oil would flow into the market after a deal was reached over the nuclear program between Iran and Western powers.

Light, sweet crude for May delivery gained 27 cents to settle at 51.91 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery moved up 6 cents to close at 57. 93 dollars a barrel. Endite