Active oil rigs in U.S. falls for 25th straight week

West Texas Intermediate futures soared on Friday, with weekly drops in U.S. crude supplies and active oil rigs helping prices finish with a gain for the month.

Traders were also considering the potential outcome of the Organization of the Petroleum Exporting Countries’ meeting on June 5.

July crude jumped 4.5% to settle at US$60.30 a barrel on the New York Mercantile Exchange.

It rose about 1.1% for the month.

The number of U.S. rigs actively drilling for oil fell for a 25th week in a row, according to data from Baker Hughes released today. The number of active oil rigs saw a weekly fall of 13 to 646 as of May 29.

U.S. commercial crude-oil inventories fell by a stronger-than-expected 2.8 million barrels in the week ended May 22, the U.S. Energy Information Administration said yesterday –

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