Oil prices rise as US rig count drops


Oil prices rose on Friday after data showed falling U.S. rig count.
According to Houston-based oilfield services company Baker Hughes, U.S. rigs classified as drilling for oil were down 8 at 677 this week.
Meanwhile, U.S. Energy Information Administration said on Friday that U.S. commercial crude oil inventories decreased by 5.5 million barrels in the week ending Dec. 20.
At 441.4 million barrels, U.S. crude oil inventories are about 2 percent above the five-year average for this time of the year.
The West Texas Intermediate for February delivery settled 4 cents higher at 61.72 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery added 24 cents to close at 68.16 dollars a barrel on the London ICE Futures Exchange.

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