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Oil prices gain amid falling output

Xinhua, October 3, 2015 Adjust font size:

Oil prices advanced 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 lost 26 to 614 of this week, marking the fifth 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 production lost 40,000 barrels to 9.096 million barrels a day last week, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

The West Texas Intermediate for November delivery moved up 80 cents to settle at 45.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 44 cents to close at 48.13 dollars a barrel on the London ICE Future Exchange. Endit