Surge: Oil prices jump on US tightening

NEW YORK: Crude prices jumped more than $2 on Friday amid more signs of US tightening and after another deadly attack in Saudi Arabia. US benchmark West Texas Intermediate (WTI) for July delivery rose $2.62 to $60.30 a barrel in New York trade. In London, Brent crude for July gained $2.98 to $65.56. US prices were supported by a fall in the Baker Hughes US rig count, suggesting the industry is still cutting back activity. The US count fell by 13 to 646 active oil drilling rigs. A year ago, the total was 1,536. That combined with a fall Wednesday in US stockpiles to suggest tighter supplies in the future.

Published in The Express Tribune, May 31^st, 2015.

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