The Traderszone Network

Published in TZ Latest News 11 October, 2015 by The TZ Newswire Staff

Oil edges up on lower U.S. rig count, weaker dollar

Oil prices rose in early Asian trading on Monday after U.S. drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data to be published following the one-week National Holiday. U.S. drillers removed nine oil rigs in the week ended Oct. 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc (BHI.N) said late on Friday. Since hitting an all-time high of 1,609 during this week a year ago, weekly rig count reductions have averaged 20.