Oil prices fall on rising U.S. supply

Oil prices fall on rising U.S. supply
# 25 February 2017 04:10 (UTC +04:00)

Baku-APA. Oil prices fell on Friday on concerns over rising U.S. supplies, APA reports quoting Xinhua.

 

U.S. rigs classified as drilling for oil are up 5 to 602 this week, according to data released by oilfield service company Baker Hughes on Friday. It is the first time U.S. oil rigs topped 600 since October 2015.

 

Investors are concerned that rising U.S. supply would offset ongoing efforts to ease global oil glut by major producers.

 

The West Texas Intermediate for April Delivery erased 0.46 dollars to settle at 53.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.59 dollars to close at 55.99 dollars a barrel on the London ICE Futures Exchange.

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