Oil prices rose on Friday after data showed another weekly drop in U.S. rig count.
The West Texas Intermediate (WTI) for July delivery increased 1.78 U.S. dollars to settle at 35.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 0.04 dollar to close at 35.33 dollars a barrel on the London ICE Futures Exchange.
The number of active U.S. rigs drilling for oil declined by 15 to 222 this week, oilfield services company Baker Hughes reported on Friday. The oil rig count has now fallen for 11 weeks in a row.
The total active U.S. rig count, meanwhile, fell by 17 to 301, according to Baker Hughes.
The data came one day after the U.S. Energy Information Administration said the nation's crude oil inventories increased 7.9 million barrels during the week ending May 22, while stocks at Cushing, a key U.S. oil hub, dropped by 3.4 million barrels.
Oil prices posted strong gains this month amid output cuts by major producers and hopes for a recovery in crude demand.
Front-month U.S. benchmark WTI futures gained 88.4 percent for May, marking its best monthly performance on record, according to Dow Jones Market Data. Global benchmark Brent climbed 39.8 percent for the month.
Editor:Cherie
