Oil prices climbed on Friday after data showed U.S. oil rig count dropped.
The West Texas Intermediate for June delivery rose 0.44 U.S. dollar to settle at 16.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery was up 0.11 dollar to close at 21.44 dollars a barrel on the London ICE Futures Exchange.
The number of active U.S. rigs drilling for oil dropped by 60 to 378 this week, oilfield services company Baker Hughes reported on Friday. The total active U.S. rig count declined by 64 to 465.
Oil prices have been under pressure these days amid coronavirus-tied demand shock and a supply glut.
"The critical situation on the oil market is by no means over. There are many risks on the demand side and as regards the availability of storage capacities," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday.
Global oil demand is expected to fall by a record 9.3 million barrels per day year on year in 2020, the International Energy Agency (IEA) warned in its closely-watched monthly report.
The IEA said demand in April is estimated to be 29 million barrels per day lower than a year ago, down to a level last seen in 1995, due to the COVID-19 pandemic as containment measures have brought mobility almost to a halt.
Editor:Cherie
