Oil prices edge up after two-day losses

Source: Xinhua| 2017-06-17 03:52:52|Editor: huaxia
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NEW YORK, June 16 (Xinhua) -- Oil prices settled slightly higher on Friday, as investors bought the dip after previous two-day's declines.

Oil prices suffered losses in the past two sessions, with both U.S. oil and Brent crude hitting six-month low, amid lingering concerns about a global supply glut.

Despite Friday's modest gains, oil prices still posted a fourth straight weekly decline.

On the data front, U.S. oil production is still rising as rigs classified as drilling for oil are up 6 to 747 this week, according to data released by oilfield service company Baker Hughes on Friday. This marks the 22th consecutive week of U.S. rig count increase.

The West Texas Intermediate for July delivery edged up 0.28 U.S. dollar to settle at 44.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 0.45 dollar to close at 47.37 dollars a barrel on the London ICE Futures Exchange. Enditem