Crude prices jump amid shrinking output

GMT 04:52 2016 Saturday ,09 April

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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