Oil prices increase amid declining US rig count

Oil prices surged on Friday as falling US rig count eased some of the concerns over a global glut.

The US rig count is down 25 rigs from last week to 1,050, according to data released by oilfield services company Baker Hughes on Friday.

Oil prices are up about 4 per cent this week, posting a third consecutive week of gains following a three-month collapse.

The West Texas Intermediate for February delivery added 1.73 US dollars to settle at 53.80 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.52 dollars to close at 62.70 dollars a barrel on the London ICE Futures Exchange.

 

Oil prices increase amid declining US rig count

Oil prices surged on Friday as falling US rig count eased some of the concerns over a global glut. The US rig count is down 25 rigs from last week to 1,050, according to data released by oilfield services company Baker Hughes on Friday. Oil prices are up about 4 per cent this week, posting a third consecutive week of gains following a three-month collapse. The West Texas Intermediate for February delivery added 1.73 US dollars to settle at 53.80 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.52 dollars to close at 62.70 dollars a barrel on the London ICE Futures Exchange.