Sat, 15 May 2021

Oil prices decline as U.S. rig count climbs

Xinhua
17 Apr 2021, 06:05 GMT+10

NEW YORK, April 16 (Xinhua) -- Oil prices decreased on Friday after data showed a rise in weekly U.S. oil-rig count.

The West Texas Intermediate for May delivery lost 33 cents to settle at 63.13 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 17 cents to close at 66.77 dollars a barrel on the London ICE Futures Exchange.

The number of active U.S. rigs drilling for oil increased by 7 to 344 this week, Houston-based oilfield services company Baker Hughes reported Friday.

For the week, the U.S. crude futures surged 6.4 percent, while Brent advanced 6.1 percent, based on the front-month contracts.

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