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Monday 12 Oct 2015 - 15:33 Makkah mean time-29-12-1436
Pic: from Internet
Singapore (IINA) – Oil prices rose in early Asian trading on Monday, after the US energy firms cut oil rigs for sixth straight weeks.
Oil services company Baker Hughes said in its closely followed report, carried by َQatar News Agency (QNA), that drillers removed nine oil rigs in the week ended October 9, bringing the total rig count down to 605.
U.S. West Texas Intermediate (WTI) crude futures were trading at $49.79 per barrel, up 16 cents from their last settlement, as internationally traded Brent futures were up 11 cents at $52.76 per barrel.
On the other hand, the US dollar hit its lowest level in three weeks against the euro, after minutes of the Federal Reserve's most recent meeting of its policy-setting showed that the US central bank was in no hurry to hike rates.
Oil traders awaited Chinese trade data to be published following the one-week long National Holiday. A flood of data from China in coming weeks is likely to point to further weakness in the world's second-largest economy, starting with import and export data to be published on Tuesday.
AB/IINA
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