Oil prices gain amid falling output

New York, Oct 17 (IANS) Oil prices advanced on Friday as data signalled that US crude output is contracting.

US crude production lost 76,000 barrels to 9.096 million barrels a day last week, according to the weekly report issued by the Energy Information Administration (EIA) on Thursday.

US crude supplies of last week gained 7.6 million barrels to 468.6 million barrels, 98 million barrels more than one year before, according to the EIA’s report. Inventories at Cushing, Oklahoma, the delivery point for the US contract, gained 1.12 million barrels to 54.2 million barrels.

The West Texas Intermediate for November delivery moved up 88 cents to settle at $47.26 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 73 cents to close at $50.46 a barrel on the London ICE Futures Exchange.

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