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Oil prices rise amid falling US oil rig count

IANS  |  New York 

went up on Friday, as US fell sharply this week, easing concerns there would be a potential supply glut and called for cut extension.

The number of US dropped 11 to 789 for the week ending June 7, US services firm reported on Friday.

The figure marks its largest fall on a weekly basis since April and hits the lowest level since February 2018, the reported.

Year on year, the retreated a significant 73 from the 862 in the same week last year.

Saudi Arabia's minister on Friday called on OPEC and its allies to extend

"On the OPEC side, a rollover is almost in the bag. The question is to calibrate with non-OPEC," Saudi Minister said during a forum in

The Intermediate for July delivery increased 1.4 US dollars to settle at 53.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery rose 1.62 dollars to close at 63.29 dollars a barrel on the ICE Futures Exchange.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 08 2019. 05:38 IST
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