WASHINGTON (dpa-AFX) - Crude oil prices rose Friday despite data showing the U.S. rig count continued to rise.
The U.S. shale boom is causing a glut of oil supplies, but crude oil prices have stayed above $60 a barrel in 2018.
April WTI oil gained $1.15, or 1.9%, to settle at $62.34/bbl, picking up 0.5% for the week. It was the highest settlement prices since March 6.
Drillers added four oil rigs in the week to March 16, bringing the total count to 800, Baker Hughes said. That's up sharply from a year ago.
Russia could back out of the OPEC oil production cut deal before the end of 2018, Iran's Energy Minister Bijan Zanganeh said.
The Kremlin Russia 'has no commitment to stay with it by the end of the year and OPEC may choose to alter the plan which I think would be unlikely,' Zanganeh said.
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