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Oil prices rally amid falling output

Tue, Oct 06, 2015, 09:40 AM
New York, Oct 6: Oil prices continued to rise on Monday as data signalled that the US crude output is contracting.

Oil prices were also supported as global market gained given the scenario that the weaker-than-expected jobs report of the US released on Friday will delay the interest hikes of the US Federal Reserve, Xinhua news agency reported.

Data from oil service company Baker Hughes released Friday showed that the number of active the US oil-drilling lost 26 to 614, marking the fifth consecutive weekly fall.

The rig data boosted the market as traders believed that the US oil companies continued to cut the expense in face of the low oil prices.

The US crude production lost 40,000 barrels to 9.096 million barrels a day in the week ended September 25, according to the recent weekly report issued by the Energy Information Administration (EIA).

The West Texas Intermediate for November delivery moved up 72 cents to settle at $46.26 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased $1.12 to close at $49.25 a barrel on the London ICE Future Exchange.
Agency: IANS

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