Oil prices rise on output cut outlook

Oil prices rose on Friday as investors continued to digest reports of possible output cut deal extension among world major oil producers.

Media reports said on Thursday that there is a good chance that the Organization of the Petroleum Exporting Countries (OPEC) will extend the output cut deal which took effect on Jan. 1 and lasts six months.

But rising U.S. rig count pared the gains. U.S. drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, oilfield service company Baker Hughes said on Friday.

The West Texas Intermediate for March Delivery added 0.04 dollars to settle at 53.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.16 dollars to close at 55.81 dollars a barrel on the London ICE Futures Exchange. Endit