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NEW YORK, Feb. 17 (Xinhua) -- Oil prices rose on Friday as investors continued to digest reports of possible output cut deal extension among world major oil producers.

Media reports said on Thursday that there is a good chance that the Organization of the Petroleum Exporting Countries (OPEC) will extend the output cut deal which took effect on Jan. 1 and lasts six months.

But rising U.S. rig count pared the gains. U.S. drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, oilfield service company Baker Hughes said on Friday.

The West Texas Intermediate for March Delivery added 0.04 dollars to settle at 53.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.16 dollars to close at 55.81 dollars a barrel on the London ICE Futures Exchange.


COLOMBO Larry Ogunjobi Jersey , July 29 (Xinhua) -- China Merchants Port Holdings and the Sri Lanka Ports Authority signed an agreement here on Saturday to develop the Hambantota Port in southern Sri Lanka.

Under the deal, the Chinese side will hold a 70 percent stake in two joint ventures to be launched to take charge of the commercial and administrative management operations of the port respectively.

After 10 years, the Sri Lankan side will gradually purchase an additional 20 percent stake David Njoku Jersey , resulting in the two sides owning an equal share of 50 percent each, according to the agreement, which is valid for 99 years.

At the signing ceremony Jabrill Peppers Jersey , Sri Lanka's Minister of Ports and Shipping Mahinda Samarasinghe said, ""This is a historic day for us today as Sri Lanka and China venture on a new journey to develop the Hambantota Port.""

The Sri Lankan cabinet had on Tuesday approved the agreement, describing it as ""a win-win situation for both countries.""

Samarasinghe Myles Garrett Jersey , at a media briefing on Tuesday, said, ""We hope to strengthen the operations of the Hambantota Port which will be beneficial for Sri Lanka.""

Hu Jianhua Nick Chubb Jersey , executive vice president of China Merchants Group, said the signing of the agreement is significant, expressing the hope that China and Sri Lanka can make continuous efforts to turn the port into an international shipping hub linking South Asia with Africa.


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