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Oil prices rise on International Energy Agency's report

Xinhua, February 23, 2016 Adjust font size:

Oil prices increased Monday report by the International Energy Agency (IEA) showed that the U.S. oil production could retreat this year and the next.

In its Medium-Term Oil Market Report released Monday, the IEA predicted that U.S. shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd next year.

According to oil service company Baker Hughes Friday's report, the U.S. oil rig count tumbled 26 to 413 in the week ending Feb. 19, the lowest level since December 2009.

The West Texas Intermediate for March delivery moved up 1.84 U.S. dollars to settle at 31.48 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery climbed 1.68 U.S. dollars to close at 34.69 dollars a barrel on the London ICE Futures Exchange. Endit