Oil prices climbed on Friday after data showed another weekly slip in U.S. rig count.
The West Texas Intermediate (WTI) for July delivery increased 91 cents to settle at 39.75 U.S. dollars a barrel on the New York Mercantile Exchange. Front-month contract prices logged their highest finish since March 6, according to Dow Jones Market Data.
Brent crude for August delivery rose 68 cents to close at 42.19 dollars a barrel on the London ICE Futures Exchange.
The number of active U.S. rigs drilling for oil declined by 10 to 189 this week, oilfield services company Baker Hughes reported on Friday. The total active U.S. rig count, meanwhile, fell by 13 to 266.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have been cutting production by a record 9.7 million barrels per day since May 1.
The Joint Ministerial Monitoring Committee, which monitors compliance with OPEC+ output quotas, met on Thursday and stressed the importance of full compliance with pledged output cuts.
For the week, the WTI advanced 9.6 percent and Brent gained 8.9 percent.
Editor:Cherie
