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1st LD Writethru: Crude prices rise amid shrinking output

Xinhua, April 23, 2016 Adjust font size:

Oil prices gained Friday as data showed U.S. crude output continued to contract.

U.S. energy firms continued to slash spending. The active rigs count of this week lost 8 to 343, the lowest level since November 2009, oil services company Baker Hughes said Friday.

Crude production of U.S. dropped 24,000 barrels to 8.953 million barrels a day last week, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

The Organization of the Petroleum Exporting Countries could discuss the output freeze along with nonmembers at its next meeting in June, said Abdallah Salem el-Badri, Secretary-General of the group Thursday.

The West Texas Intermediate for June delivery moved up 55 cents to settle at 43.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 58 cents to close at 45.11 dollars a barrel on the London ICE Futures Exchange. Enditem