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1st LD Writethru: Oil prices advance amid falling output

Xinhua, September 26, 2015 Adjust font size:

Oil prices gained Friday as data signaled that U.S. crude output is contracting.

Data from oil service company Baker Hughes released Friday showed that the number of active U.S. oil-drilling rigs lost 4 to 640 of this week, marking the fourth consecutive weekly fall.

The rig data supported the market as traders believed that U.S. oil companies continued to cut the expense in face of the low oil prices.

U.S. crude supplies of last week dropped 1.9 million barrels to 454 million barrels, 96 million barrels more than one year before, according to the Energy Information Administration (EIA)'s Wednesday weekly report.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract lost 0.5 million barrels to 54 million barrels.

EIA projected in an early report that U.S. crude oil production averages 9.2 million barrels per day in 2015 and 8.8 million barrels per day in 2016.

The West Texas Intermediate for November delivery moved up 79 cents to settle at 45.7 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 43 cents to close at 48.6 dollars a barrel on the London ICE Future Exchange. Endit