Oil prices increase ahead the release of the number of active U.S. rigs

Market news

4 March 2016

Oil prices increase ahead the release of the number of active U.S. rigs

Oil prices rose ahead the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported on last Friday that the number of active U.S. rigs by 13 rigs to 400 last week. It was the lowest level since December 2009.

Hopes that top oil producers could cooperate to stabilise the oil market continued to support oil prices. Nigeria's petroleum minister Emmanuel Ibe Kachikwu said on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Moscow on March 20.

WTI crude oil for April delivery increased to $35.91 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $37.39 a barrel on ICE Futures Europe.

European stocks close: stocks closed higher after the release of the U.S. labour market data

Gold increases on a weaker the U.S. dollar

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