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Oil prices gain amid falling output

Xinhua, October 31, 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 rigs lost 16 to 578 this week.

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

U.S. crude production was 9.112 million barrels a day last week, according to the weekly report released by the Energy Information Administration Wednesday.

U.S. crude supplies of last week gained 3.4 million barrels to 480 million barrels, which was less-than-expected, according to the EIA's report.

The West Texas Intermediate for December delivery moved up 53 cents to settle at 46.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 76 cents to close at 49.56 dollars a barrel on the London ICE Futures Exchange. Endit