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1st LD Writethru: Oil prices gain amid declining supplies

Xinhua, March 12, 2016 Adjust font size:

Oil prices rose Friday as data showed oil producers are cutting output.

Global oil supplies dropped 180 000 barrels per day in February, to 96.5 million barrels per day, on lower OPEC and non-OPEC output, the newly released International Energy Agency (IEA) Oil Market Report for March said Friday.

IEA estimated that non-OPEC crude output for 2016 will fall by 12 percent.

U.S. energy firms cut oil rigs for the 12th straight week, according to the data from oil service company Baker Hughes released last Friday. Analysts expected major U.S. shale oil companies continue to slash spending.

The West Texas Intermediate for April delivery moved up 66 cents to settle at 38.5 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 34 cents to close at 40.39 dollars a barrel on the London ICE Futures Exchange. Endit