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1st LD Writethru: Oil prices rise amid possible declining output

Xinhua, January 30, 2016 Adjust font size:

Oil prices extended gains Friday as data showed U.S. oil drillers are cutting production.

U.S. energy firms continued to cut the number of oil rigs this week, the sixth straight week for doing so, according to the data released Friday by oil service company Baker Hughes.

Persistent oversupply, bloated inventories and a slew of negative economic news dragged crude prices to the lowest level since 2003 last week. Analysts expected major U.S. shale oil companies to slash spending after crude prices reached 12-year lows.

Oil prices also boosted by the possibility that major production countries may cooperate to curb production.

Russian media Thursday reported that ministers from Organization of Petroleum Exporting Countries (OPEC) and other oil producing nations will meet in February.

Abdalla El-Badri, the head of OPEC early this week called on oil producers outside the group to help in reducing the global oversupply.

The West Texas Intermediate for March delivery moved up 40 cents to settle at 33.62 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 85 cents to close at 34.74 dollars a barrel on the London ICE Futures Exchange. Endit