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Oil prices rebound despite rising U.S. rigs

Xinhua, April 29, 2017 Adjust font size:

Oil prices rallied Friday even though U.S. rig counts continued to increase in the week.

In the week ending April 28, the number of rigs operating in U.S. fields increased by 9 to 697, marking a fifteenth straight weekly gains, according to data released by oilfield service company Baker Hughes on Friday.

U.S. oil has witnessed losses in eight of the last 11 sessions amid persisted concerns on a global supply glut. Analysts believed that traders bought dip provided some support to the oil markets.

The West Texas Intermediate for June delivery added 0.36 U.S. dollar to settle at 49.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 0.29 dollar to close at 51.73 dollars a barrel on the London ICE Futures Exchange. Endit