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1st LD Writethru: Oil prices rally amid falling output

Xinhua, October 6, 2015 Adjust font size:

Oil prices continued to rise Monday as data signaled that U.S. crude output is contracting.

Oil prices were also supported as global market gained given the scenario that the weaker-than-expected jobs report of U.S. released Friday will delay the interest hikes of the U.S. Federal Reserve.

Data from oil service company Baker Hughes released Friday showed that the number of active U.S. oil-drilling lost 26 to 614, marking the fifth consecutive weekly fall.

The rig data boosted 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 in the week ended Sept. 25, according to the recent weekly report issued by the Energy Information Administration (EIA).

The West Texas Intermediate for November delivery moved up 72 cents to settle at 46.26 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 1.12 dollars to close at 49.25 dollars a barrel on the London ICE Future Exchange. Endit