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Oil Holds Gains as U.S. Rigs Idled Before Doha Freeze Meeting

2016-04-12 04:18:33| Oil & Gas - Topix.net

Oil held gains after the biggest jump in almost two months as U.S. drillers idled more rigs ahead of talks between the world's biggest producers about freezing output. Futures were little changed in New York after increasing 6.6 percent Friday, the most since Feb. 12. The number of active oil rigs fell for the 15th time in 16 weeks to the lowest level since 2009, according to data from Baker Hughes Inc. Venezuela said the first step at the April 17 meeting in Doha between suppliers including Saudi Arabia and Russia should be to cap production.

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