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Oil prices waver narrowly amid U.S. production concerns

Xinhua, May 12, 2017 Adjust font size:

Oil prices ended slightly higher Friday as U.S. drillers added oil rigs for a seventeenth straight week.

The number of rigs operating in U.S. fields increased by 9 to 712 this week, marking a sixteenth straight weekly gains, oilfield service company Baker Hughes reported Friday.

Oil prices rebounded strongly in the past two days, with both U.S. oil and Brent crude jumping over four percent, as U.S. crude inventories fell by 5.2 million barrels last week, notching the biggest one-week drop in U.S. crude stockpiles so far this year.

The West Texas Intermediate for June delivery edged up 0.01 U.S. dollar to settle at 47.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.07 dollar to close at 50.84 dollars a barrel on the London ICE Futures Exchange. Endit