Oil prices increase on falling U.S. rig count

0 Comment(s)Print E-mail Xinhua, May 25, 2019
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NEW YORK, May 24 (Xinhua) -- Oil prices rose on Friday as U.S. oil rigs slid this week, offsetting concerns over rising U.S. crude stockpiles.

The number of U.S. rigs classified as drilling for oil is down five at 797, according to the weekly data released Friday by the Baker Hughes, a Houston-based oilfield services company.

U.S. crude inventories increased by 4.7 million barrels in the week ending May 17, the U.S. Energy Information Administration reported on Wednesday.

At 476.8 million barrels, U.S. crude oil inventories are about 4 percent above the five year average for this time of year, the report said.

The West Texas Intermediate for July delivery added 0.72 U.S. dollar to settle at 58.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.93 dollar to close at 68.69 dollars a barrel on the London ICE Futures Exchange. Enditem

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