ZCZC
BCN-12
US-ENERGY-OIL-PRICE
Oil prices decline on rising U.S. rigs
NEW YORK, June 09, 2018 (BSS/Xinhua) – Oil prices ended lower on Friday
amid rising U.S. rig count.
The West Texas Intermediate for July delivery was down 21 U.S. cents to
settle at 65.74 dollars a barrel on the New York Mercantile Exchange, while
Brent crude for August delivery decreased 86 cents to close at 76.46 dollars
a barrel on the London ICE Futures Exchange.
U.S. drillers added one oil rig in the week to June 8, bringing the total
count to 862, the highest level since March 2015, energy services firm Baker
Hughes said on Friday in its weekly report.
Surging U.S. output has been weighing on the market recently. According to
latest data from the Energy Information Agency, U.S. crude output last week
hit a record high of 10.8 million barrels per day, a 28-percent gain in two
years, putting the United States close to becoming the world’s biggest crude
producer.
BSS/XINHUA/HR/1055