Oil prices increase on eased demand concerns
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E-mail Xinhua, February 15, 2020
NEW YORK, Feb. 14 (Xinhua) -- Oil prices rose on Friday as investors digested lower expectations on global crude demand growth for this year.
The West Texas Intermediate for March delivery settled 0.63 U.S. dollar higher at 52.05 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 0.98 dollar to close at 57.32 dollars a barrel on the London ICE Futures Exchange.
Investors shifted their focus to whether the Organization of Petroleum Exporting Countries and its allies, particularly Russia, would agree on further reduction of oil output at their next meeting.
The number of active oil drilling rigs in the United States was up by two from the previous week to 678 rigs this week ended Friday, according to the weekly data released by oilfield services company Baker Hughes. Enditem
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