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1st LD Writethru: Oil prices rise on tight supply, soft dollar

Xinhua, April 15, 2015 Adjust font size:

Crude prices continued its advance Tuesday on expectations of declining U.S. oil output and weakness in the U.S. dollar.

U.S. rig count continued to drop last week. Analysts 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 on Friday.

U.S. Energy Information Administration (EIA) will publish Wednesday a report on crude data of the previous week. It is expected to show a dipping U.S. crude output.

However, U.S. crude production still increased 18,000 barrels to 9.404 million barrels a day as of the week ended April 3, according to the EIA.

A weaker greenback also gave dollar-priced crude some support. The U.S. dollar declined against other major currencies on Tuesday as retail sales data from the country came out weaker than expected.

Light, sweet crude for May delivery gained 1.38 U.S. dollars to settle at 53.29 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery moved up 50 cents to close at 58.43 dollars a barrel. Endite