Crude Oil Rises Second Straight Week

Crude oil prices continued to rise despite further signs of robust U.S. oil production.

U.S. energy companies added one oil rig this week, bringing the total count up to 799, the highest level since April 2015, Baker Hughes said. It was the fifth straight weekly rise in the rig count.

Nymex April oil futures rose 78 cents, or 1.2%, to end at $63.55 a barrel.

Markets were in a good mood to end the week, as the Federal Reserve hinted that it plans three rate hikes in 2018, in line with its previous projections.

The material has been provided by InstaForex Company – www.instaforex.com

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