02-21-2015, 03:04 PM
2-20-2015
Oil rises towards $61, U.S. rig count lowest since 2011
Brent crude oil rose towards $61 (40 pounds) a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply.
The number of rigs drilling for oil in the United States fell to its lowest since August 2011 last week.
"A further sharp decrease in the oil rig count is expected ... which points to declining U.S. oil production in the second half of the year," said Commerzbank analyst Carsten Fritsch in a note to traders.
In Libya, three car bombs killed 40 people in the eastern city of Qubbah on Friday, days after Egyptian air strikes on Islamic State militants there.
Libya's oil output has almost completely collapsed, falling to less 200,000 barrels per day (bpd) from 1.6 million bpd before the country's 2011 civil war.
Oil rises towards $61, U.S. rig count lowest since 2011
Brent crude oil rose towards $61 (40 pounds) a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply.
The number of rigs drilling for oil in the United States fell to its lowest since August 2011 last week.
"A further sharp decrease in the oil rig count is expected ... which points to declining U.S. oil production in the second half of the year," said Commerzbank analyst Carsten Fritsch in a note to traders.
In Libya, three car bombs killed 40 people in the eastern city of Qubbah on Friday, days after Egyptian air strikes on Islamic State militants there.
Libya's oil output has almost completely collapsed, falling to less 200,000 barrels per day (bpd) from 1.6 million bpd before the country's 2011 civil war.