Oil prices declines on rising U.S. rig count

NEW YORK, Feb. 9 (Xinhua) -- Oil prices settled sharply lower Friday after data showed rising U.S. oil rig count.

U.S. rigs classified as drilling for oil are up 26 rigs at 791, according to oilfield service firm Baker Hughes on Friday.

Rising U.S. production and a strong dollar have posed pressure on oil prices amid a broad financial market sell-off.

The West Texas Intermediate for March delivery decreased 1.95 U.S. dollar to settle at 59.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 2.02 dollars to close at 62.79 dollars a barrel on the London ICE Futures Exchange. Enditem