Crude oil prices rose Friday amid word that U.S. producers continue to close down oil rigs amid the ongoing price war with OPEC.
There are less than 600 active rigs, according to Baker Hughes, down from more than 1600 a year ago.
Meanwhile, Chevron anticipates reducing its employee workforce by 6,000 to 7,000.
December crude settled at $46.59 a barrel on the New York Mercantile Exchange, up 53 cents, or 1.2%, at a 2-week high.
Prices jumped 4.5% this week, and were up 3.3% for October.
The material has been provided by InstaForex Company – www.instaforex.com