Oil prices ended lower as data showed U.S. oil rigs continued to rise.
U.S. oil services firm Baker Hughes reported on Friday that its weekly count of oil rigs operating in U.S. fields climbed for a tenth straight week. The rig count added 7 to 665, higher than 664 rigs operating at this time last year.
Analysts said the rising U.S. output would undermine OPEC's (Organization of the Petroleum Exporting Countries) efforts to curb global oversupply.
The West Texas Intermediate for February Delivery decreased 2.03 dollars to settle at 51.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery erased 2.16 dollars to close at 54.94 dollars a barrel on the London ICE Futures Exchange.
Latest comments