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Oil prices rise on glut ease outlook

Xinhua, December 17, 2016 Adjust font size:

Oil prices rose for about two percent on Friday as U.S. dollar's advance stalled and the market shift its attention back to output cut prospects.

Oil reversed its losses in the past two days after dollar declined against most major currencies on Friday as investors took profits from recent gains.

Analysts said market is confident about a supply-demand rebalance following oil producers' promise to stick to output cut deal.

However, oil prices were weighed down a little after news came about an U.S. rig count increase. The Oilfield services company Baker Hughes said Friday that U.S. oil rigs in operation rose by 12 to 510 this week. It was the highest level since the end of January.

The West Texas Intermediate for January Delivery added 1 dollar to settle at 51.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 1.19 dollars to close at 55.21 dollars a barrel on the London ICE Futures Exchange. Enditem