Investing.com – Crude oil prices settled higher on Friday as traders cheered data showing the number of oil rigs operating in the US fell for the first time in six weeks, while ongoing optimism on strong OPEC compliance with the deal to cut production lifted sentiment.
On the New York Mercantile Exchange crude futures for January delivery added 26 cents to settle at $57.30 a barrel, while on London's Intercontinental Exchange, Brent fell 5 cents to trade at $63.26 a barrel.
The number of oil rigs operating in the US for week ending Dec. 15, fell by four to 747, declining for the first time in six weeks, according to data from energy services firm Baker Hughes.
Crude prices eked out a weekly gain, snapping a three-week losing streak, despite data this week pointing to rising US output, dampening OPEC’s efforts to rid the market of excess crude supplies.
The International Energy Agency (IEA) in its monthly oil market report, published on Thursday, revised upward its projection for US oil production, warning that total supply growth could exceed demand growth in the months ahead.
Rising US oil production comes as OPEC compliance with the deal to curb production reached its highest this year, rising to 115%.
The ongoing Forties pipeline shutdown earlier this week was one of the catalysts driving oil prices higher, as market participants expect 40% of North Sea oil and gas flows to remain shut for weeks, tightening supplies.