Oil prices rise, after four days of decline

 Oil prices rise to nearly 2 per cent  on Friday as traders covered short positions after four days of sharp losses.

The  oil rig count fell for a seventh week in a row.

The United States crude and Brent racked up their steepest weekly declines in eight weeks after an International Energy Agency report last Tuesday predicted that the global market would remain oversupplied through 2016.

“The reality of the global oversupply came in the forefront for most of the week giving back a major portion of last week’s gains,” Energy Management Institute analyst Dominick Chirichella said. 

US crude settled up 88 cents at US$47.26 per barrel, down almost 5 per cent on the week. 

Brent for December delivery settled up 73 cents at US$50.46 a barrel, down about 4 percent. _ Reuters