Mubasher: Energy firms in the US this week cut oil rigs for the first time in three weeks, data showed on Wednesday.

Drillers cut three oil rigs in the week ended 21 November, to a total of 885, according to weekly report of General Electric’s Baker Hughes energy service firm.

However, US oil-directed rigs went up from 747 units drilling this week a year ago.

On the other hand, natural gas-directed rigs remained unchanged at 194 rigs and up from 176 units drilling for gas a year ago.

It is worth noting that the weekly report was released two day earlier than usual due to the US Thanksgiving holiday.

By 7:09 pm GMT, US Nymex futures climbed 2.83% to $54.94 per barrel (pb), while global benchmark Brent futures rose 1.97% to $63.76 pb.