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Oil prices fall on rising U.S. output speculation

Xinhua, January 28, 2017 Adjust font size:

Oil prices fell Friday after data suggested drilling is further recovering in the United States and an increasing U.S. output may follow.

The number of U.S. rigs classified as drilling for oil is up 15 to 566 this week, the highest since November 2015, according to data released by oilfield service firm Baker Hughes on Friday.

Analysts said there is widespread speculation that drilling recovery will drive U.S. crude output up, which will offset cuts made by The Organization of the Petroleum Exporting Countries and other major producers.

The West Texas Intermediate for March Delivery erased 0.61 dollars to settle at 53.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.72 dollars to close at 55.52 dollars a barrel on the London ICE Futures Exchange. Endit