Oil ends higher on the back of a third weekly decline in U.S. oil-drilling rigs
Saturday, 7 September 2019 02:17 WIB | ENERGY |MinyakWTIBrentMinyak MentahOil,

Oil futures reversed course to finish higher on Friday, with a third-weekly decline in the number of active U.S. rigs drilling for oil contributing to a price rise for the week.

The fall in the rig count, along with a government report issued a day earlier also showing a third week of falling domestic crude supplies, helped calm trade war-related worries about energy demand.

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by four to 738 this week. That followed two consecutive weekly declines in the oil-rig count.

The data followed a third-straight weekly decline in U.S. crude inventories. On Thursday, the Energy Information Administration said U.S. crude supplies declined by 4.8 million barrels for the week ended Aug. 30.

West Texas Intermediate crude for October delivery tacked on 22 cents, or 0.4%, settle at $56.52 a barrel on the New York Mercantile Exchange after ending Thursday a few cents-per-barrel higher. WTI saw a weekly gain of 2.6%, based on the most-active contract, according to Dow Jones Market Data.

The global benchmark, November Brent crude rose 59 cents, or 1%, to end at $61.54 a barrel on ICE Futures Europe. It tallied a weekly rise of 3.9%.

Source : Marketwatch

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