The Traderszone Network

Published in TZ Latest News 19 February, 2015 by The TZ Newswire Staff

Oil edges up as U.S. rig count likely to fall further

Oil markets edged up on Friday to halt a two-day drop, helped by expectations that data later in the day would show a continued decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude has put on crude producers. A weekly survey by Baker Hughes last week showed the U.S. oil rig count fell to its lowest since August 2011, though government data indicated U.S. oil output was 9.2 million barrels a day, the most since 1973.

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