Crude oil prices rise, but global economic concerns weigh


Crude oil prices rise, but global economic concerns weigh

Oil prices climbed on Monday after U.S. drilling activity fell to its lowest level in about two months, but increasing concerns about weaker growth in major economies kept a lid on gains. International Brent crude oil futures were at $60.37 per barrel at 0134 GMT, up 9 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.44 per barrel, up 24 cents, or 0.5 percent. “Oil is finding support as the drop in Baker Hughes rig counts points to a near-term slowdown in U.S. production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

U.S. drillers cut four oil rigs in the week to Dec. 14, pulling the total count to the lowest since mid-October at 873, General Electric Co’s Baker Hughes energy services firm said on Friday. Read More

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