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Oil prices rise ahead of rig data

Oil prices rise ahead of rig data

Mubasher: Crude prices grew on Friday ahead of data on oil rigs in the United States due later in the day. Prices erased most of their losses from Thursday following a rise in US crude.

Data released on Thursday showed that US crude had surged  by 2.5 million barrels per day (bpd) to surpassed the 12 million bpd mark for the first time ever.

By 10:46 am GMT, Brent crude, for April delivery, gained 0.28% to $67.26 per barrel (pb), while US Nymex witnessed a similar increase to $57.08 pb.