• Oil prices rise on the U.S. oil rigs data

Market news

21 September 2015

Oil prices rise on the U.S. oil rigs data

Oil prices rose on the U.S. oil rigs data. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 8 rigs to 644 last week. It was the third consecutive decrease.

Combined oil and gas rigs fell by 6 to 842.

Concerns over the global oil oversupply weighed on oil prices in the recent weeks.

Saudi Arabia's crude oil exports declined by 89,000 barrels per day (bpd) in July, according he Joint Organisations Data Initiative (JODI) data on Sunday.

WTI crude oil for October delivery climbed to $45.90 a barrel on the New York Mercantile Exchange.

Brent crude oil for October increased to $48.29 a barrel on ICE Futures Europe.

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