WASHINGTON (dpa-AFX) - Oil prices climbed higher on Friday, extending gains from the previous session, after data indicated a drop in output.
A weak dollar contributed as well to the uptick in oil prices.
West Texas Intermediate Crude oil futures ended higher by $0.86 or about 1.1% at $81.25 a barrel. WTI Crude futures shed about 2% in the week, suffering a weekly loss
Brent crude futures were up $0.63 or 0.75% at $84.75 a barrel a little while ago.
Data from Baker Hughes showed the oil and natural gas rigs count in the U.S. dropped for a sixth week in a row, indicating a slump in future output.
The data showed the total number of active drilling rigs in the U.S. fell by 12 this week to 652. So far this year, Baker Hughes has estimated a loss of 136 active drilling rigs.
The number of oil rigs fell by 5 this week to 520, down by 101 so far in 2023. The number of gas rigs fell by 6 to 117.
Edward Moya, Senior Market Analyst at OANDA says WTI Crude looks poised to consolidate around the $80 region as traders grapple with a tight market that is facing headwinds from world's two largest economies. 'If the global economic outlook become even more pessimistic, oil might give up a good portion of the recent rally,' Moya says.
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