Oil prices climb as US equities rally, rig count drops

[NEW YORK] Oil prices edged higher on Wednesday ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by Opec and allies to extend crude output cuts.

US oil drillers cut five oil rigs in the week to July 3, bringing the total count down to 788, General Electric Co's Baker Hughes energy services firm said in its closely followed report. Record US crude production has pressured prices over the past year.September Brent crude futures ended the session up US$1.42, or 2.3 per cent, at US$63.82 a barrel. US crude futures for August delivery settled up US$1.09, or 1.9 per cent, at US$57.34 a barrel.

On Tuesday, the Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as Opec+, agreed to extend oil supply cuts until March 2020. "Keeping cuts through the end of 1Q aims to avoid putting oil into the market during a seasonal low for demand and refinery runs," they said.

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