Oil prices rise on lower US rig count, but glut weighs on sentiment
Analysts see little relief from proposed oil production freeze by Russia and Opec
Tue, Feb 23, 2016 - 5:50 AM
The US oil rig count continued to decline, with a total of 26 rigs idled and the current rig count implied annual average US production would decrease by 445,000 barrels per day yoy (year-on-year) in 2016, Goldman Sachs said.
OIL prices jumped on Monday following steep losses in the previous session, supported by a fall in the US rig count, but analysts said general oversupply was keeping the market weak.
The International Energy Agency (IEA) said in a report on Monday that world oil prices...