Oil prices rise amid lower U.S. oil rig count
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E-mail Xinhua, February 23, 2019
NEW YORK, Feb. 22 (Xinhua) -- Oil prices bounced on Friday, as oil rigs in the United States slid this week, offsetting concerns caused by surging U.S. oil stockpiles.
The number of rigs operating in U.S. oil fields fell four to 853 this week, and is up 54 from a year ago, according to the weekly data released Friday by the Baker Hughes, a Houston-based oilfield services company.
U.S. commercial crude oil inventories increased by 3.7 million barrels from the previous week to 454.5 million barrels, the U.S. Energy Information Administration said Thursday, which marked the highest level since October 2017.
The West Texas Intermediate for April delivery was up 0.30 U.S. dollar to settle at 57.26 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery rose 0.05 dollar to close at 67.12 dollars a barrel on the London ICE Futures Exchange. Enditem
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