Arab Today, arab today crude prices jump amid shrinking output
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Crude prices jump amid shrinking output

Arab Today, arab today

Arab Today, arab today Crude prices jump amid shrinking output

Oil prices
New York - XINHUA

Oil prices surged Friday as data showed US crude production is contracting.

This week US oil companies cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes reported Friday.

Crude production of the country lost 14,000 to 9.008 million barrels a day last week, said the Energy Information Administration (EIA) in its weekly report released Wednesday.

Countries from OPEC and non-OPEC will meet on April 17 in Doha to discuss the output freeze.

Nawal al-Fezaia, Kuwait's OPEC governor, said Tuesday that major oil producing countries can reach an agreement over a production freeze even if Iran does not join the move.

The West Texas Intermediate for May delivery moved up 2.46 U.S. dollars to settle at 39.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 2.51 dollars to close at 41.94 dollars a barrel on the London ICE Futures Exchange.

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