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Oil prices rise on falling rig count

Xinhua,March 30, 2018 Adjust font size:

NEW YORK, March 29 (Xinhua) -- Oil prices climbed on Thursday as data showed the number of U.S. oil rigs declined.

U.S. drillers cut six oil rigs in the week to March 29, bringing the total count down to 798, energy services firm Baker Hughes said in its weekly report on Thursday. It was the first time in three weeks that the U.S. energy companies cut oil rigs count.

Oil prices have been on a winning streak this year. Brent oil has risen by 5 percent since January, while U.S. WTI crude is up about 7.5 percent since the start of the year.

The West Texas Intermediate (WTI) for May delivery rose 56 U.S. cents to settle at 64.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 74 cents to close at 70.27 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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