ZCZC
BCN-13
US-ENERGY-OIL-PRICE
Oil prices rise amid falling oil rig count
NEW YORK, Aug. 10, 2019 (BSS/Xinhua) – Oil prices continued to rise on
Friday, wrapping up the week with a two-day rebound, as the number of U.S.
active oil rigs declined sharply this week.
The West Texas Intermediate for September delivery rallied 1.96 U.S.
dollars to settle at 54.50 dollars a barrel on the New York Mercantile
Exchange, while Brent crude for October delivery rose 1.15 dollars to close
at 58.53 dollars a barrel on the London ICE Futures Exchange.
In the week ending Aug. 9, U.S. oil rig count dropped by six to 764,
marking the lowest level since February 2018, U.S. energy services firm Baker
Hughes said in its weekly report on Friday.
The reading was also 105 lower than the 869 of the same week last year.
This week marked the sixth consecutive week that saw oil rig count falling
and posted the most weekly declines in a row since March, according to
Reuters.
BSS/AFP/HR/1350