Oil prices rise with US rigs down

USA

HOUSTON, September 21, 2015 – Crude oil prices rose by around 1 percent on Monday following a Friday report from Baker Hughes showing a drop in the US rig count.

At 0625 GMT, West Texas Intermediate crude futures traded at $45.31 per barrel, up 63 cents. Globally traded Brent futures rose by 57 cents to $48.04 per barrel.

Baker Hughes reported that the US rig count fell by eight to 644 in its third week in decline following a six-week rally.

Analysts have taken the drop in active rigs as a signal that operators are finding production uneconomical at current prices.

Crude prices have dropped by more than 50 percent since June 2014.

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