Oil prices climb as U.S. rig count drops

0 Comment(s)Print E-mail Xinhua, November 21, 2020
Adjust font size:

NEW YORK, Nov. 20 (Xinhua) -- Oil prices advanced on Friday after data showed a drop in weekly U.S. oil-rig count.

The West Texas Intermediate for December delivery gained 41 cents to settle at 42.15 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 76 cents to close at 44.96 dollars a barrel on the London ICE Futures Exchange.

The number of active U.S. rigs drilling for oil decreased by 5 to 231 this week, Houston-based oilfield services company Baker Hughes reported Friday.

Meanwhile, surging COVID-19 infections continue to present a threat to crude demand.

More than 57.3 million COVID-19 cases have been reported globally with the death toll exceeding 1.36 million as of Friday afternoon, according to data from Johns Hopkins University.

For the week, both crude benchmarks rose about 5 percent. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter