Home > Xinhua News Agency
Oil prices fall on rising U.S. supply
February 25th, 2017 | 11:54 AM | 1248 views
NEW YORK
Oil prices fell on Friday on concerns over rising U.S. supplies.
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.
Source:
courtesy of XINHUA NEWS AGENCY
by XinHua News Agency
If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]
Pakistan Accused Of Killing Eight Women And Children In Afghanistan Air Strikes
2024-03-19 00:06:23
Evergrande: China Property Giant And Its Founder Accused Of $78bn Fraud
2024-03-19 12:55:55