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Oil prices mixed on output cut extension, U.S. rig count

Xinhua, March 31, 2017 Adjust font size:

Oil prices settled mixed Friday on latest U.S. rig count data and expectations that producers may extend an output cut deal to ease global glut.

The U.S. rigs classified as drilling for oil are up 10 to 662 this week, according to statistics released by oilfield service firm Baker Hughes on Friday.

Media reports said Thursday that Kuwait was among several nations supporting the extension of a deal between the Organization of the Petroleum Exporting Countries and other producers to limit output.

The West Texas Intermediate for May Delivery added 0.25 U.S. dollar to settle at 50.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.13 dollar to close at 52.83 dollars a barrel on the London ICE Futures Exchange. Endit