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U.S. oil price rises on market sentiment

Xinhua, February 28, 2017 Adjust font size:

U.S. oil price ended slightly higher on Monday as investors showed record confidence that prices would go up further.

According to U.S. Commodity Futures Trading Commission (CFTC) on Friday, money managers raised their bullish U.S. crude futures and options positions in the week ending Feb. 21 to the highest level on record.

However, analysts said the gains in U.S. oil price were capped as data showed supplies kept rising in the country.

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

The West Texas Intermediate for April Delivery added 0.06 dollars to settle at 54.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.06 dollars to close at 55.93 dollars a barrel on the London ICE Futures Exchange. Enditem