ZCZC
BCN-21
US-ENERGY-OIL-PRICE-RISE
Oil prices rise amid Fed’s signals, falling rig count
NEW YORK, Sept. 7, 2019 (BSS/Xinhua) – Oil prices rose on Friday, as the
market was buoyed by the latest positive signals from the U.S. Federal
Reserve and a drop in U.S. oil rig count.
The West Texas Intermediate for October delivery increased 0.22 U.S.
dollar to settle at 56.52 dollars a barrel on the New York Mercantile
Exchange, and Brent crude for November delivery rose 0.59 dollar to close at
61.54 dollars a barrel on the London ICE Futures Exchange.
Fed Chairman Jerome Powell said Friday that the U.S. central bank will
continue to act “as appropriate” to sustain the U.S. economic expansion,
which fueled hopes for further rate cuts.
“Our obligation is to use our tools to support the economy, and that’s
what we’ll continue to do,” Powell said at the University of Zurich. “We are
clearly at a time where there is a range of views.”
In the week ending Sept. 6, the number of U.S. active oil rigs dropped by
four to 738, U.S. energy services firm Baker Hughes said in its weekly report
on Friday.
The reading was also 122 lower than the 860 of the same week last year.
BSS/XINHUA/HR/1300