Brent futures settled up 2.4 percent at $62.07
The latest rig data supported the market’s view that a global supply glut is receding. Throughout the week, prices have been bolstered by rising global demand data and expectations that OPEC and other producing countries will extend a deal to cut output, APA reports quoting Reuters.
U.S. West Texas Intermediate (WTI) crude settled up $1.10 or 2 percent, at $55.64 a barrel, the highest since July 2015.
Global benchmark Brent futures settled up $1.45 or 2.4 percent at $62.07 a barrel. Brent has risen around 38 percent since its low in June 2017.
Both grades gained more than 3 percent in the week.
U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel.
The oil rig count fell to 729 in the week to Nov. 3, the lowest level since May, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
“The market continues to find support from expectations that we’re going to see the cut extended and from robust demand,” said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut.
Related news releases
- 19.01.2018USD rate for Jan.22 announced
- 19.01.2018Azerbaijani oil price goes down
- 19.01.2018Gold price increases by more than $4
- 19.01.2018Brent crude price falls to $68
- 19.01.2018Official Exchange Rates
- 18.01.2018USD rate for tomorrow announced
- 18.01.2018USD rate at today's auction announced
- 18.01.2018Gold price decreases by nearly $12
- 18.01.2018Azerbaijani oil price goes down
- 18.01.2018Oil prices go up
- 18.01.2018Official Exchange Rates
- 17.01.2018USD rate for tomorrow announced
- 17.01.2018Official Exchange Rates
- 16.01.2018USD rate for tomorrow announced
- 16.01.2018USD rate at today's auction announced
- 16.01.2018Azerbaijani oil price goes up
- 16.01.2018Gold price increases nearly $7
- 16.01.2018Brent crude sells at $70
- 16.01.2018Official Exchange Rates
- 15.01.2018USD rate for tomorrow announced
- 15.01.2018Oil prices go up
- 15.01.2018Official Exchange Rates
- 12.01.2018Azerbaijan announces manat rate for January 15
- 12.01.2018Gold price increases more than $7
- 12.01.2018Brent crude price rises
- 12.01.2018Azerbaijani oil price nears $72
- 11.01.2018Azerbaijani oil price exceeds $71 in last three years
- 11.01.2018Gold price decreases more than $1
- 11.01.2018Oil prices go down
- 10.01.2018Gold price goes down nearly $3
- 10.01.2018Azerbaijani oil price exceeds $70
- 10.01.2018Oil prices go up
- 10.01.2018Official Exchange Rates
- 09.01.2018USD rate for tomorrow announced
- 09.01.2018USD rate at today's auction announced
- 09.01.2018Azerbaijani oil price drops
- 09.01.2018Gold price goes down
- 09.01.2018Oil prices go up
- 09.01.2018Official Exchange Rates
- 08.01.2018USD rate for tomorrow announced
- 04.11.2017Azerbaijani oil price nears $64
- 06.11.2017Official Exchange Rates
- 06.11.2017Oil price rises
- 03.11.2017AMF issues last AZN 25M bond
- 03.11.2017USD rate for Nov.6 announced
- 03.11.2017SOFAZ sells 2.8B US dollars in auctions this year