Off the wire
• More Iraqi people flee homes amid military operations in western Mosul  • Unemployment in Brazil climbs to 12.6 pct  • UN relief wing voices concern over casualties, displacement in Yemen  • Multiple major news outlets denied entry of White House press briefing  • UN relief chief to travel to Yemen, Somalia, Kenya  • Rating agency praises Enemalta following Shanghai Electric investment  • Abbas lauds Lebanon for role in pushing Palestinian cause  • Feature: Syrians eager to see tangible results in Geneva talks  • East Africa, Italy ink police cooperation deal  • SADC pledges to support DR Congo in preparations for 2018 polls  
You are here: 　 Home

Oil prices fall on rising U.S. supply

Xinhua, February 25, 2017 Adjust font size:

Oil prices fell on Friday on concerns over rising U.S. supplies.

U.S. rigs classified as drilling for oil are up 5 to 602 this week, according to data released by oilfield service company Baker Hughes on Friday. It is the first time U.S. oil rigs topped 600 since October 2015.

Investors are concerned that rising U.S. supply would offset ongoing efforts to ease global oil glut by major producers.

The West Texas Intermediate for April Delivery erased 0.46 dollars to settle at 53.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.59 dollars to close at 55.99 dollars a barrel on the London ICE Futures Exchange. Endit