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Oil prices settle lower as U.S. rig count rises

Xinhua,May 12, 2018 Adjust font size:

NEW YORK, May 11 (Xinhua) -- Oil prices settled lower on Friday after data showed U.S. oil rig count was on the rise.

Oil service giant Baker Hughes reported on Friday the number of rigs operating in American oil fields rose by 10 to a total of 844. The rig count is a forward-looking indicator on production.

Meanwhile, U.S. President Donald Trump said Tuesday the country will quit Iran nuclear deal and restore sanctions on the oil producers. Investors were worried that reinstated sanctions could contribute to tighter global oil inventories.

The West Texas Intermediate for June delivery fell 0.66 U.S. dollar to settle at 70.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was down 0.35 dollar to close at 77.12 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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