Oil closes positive for first time in 6 sessions

Oil drilling rigs

Oil closed higher today, Sept. 9, ending a series of declines that lasted for five consecutive sessions, pressured by concerns about weak demand in major economies.

Brent crude futures for November delivery rose 1.1%, or 78 cents, to $71.84 a barrel.

WTI crude futures for October delivery increased by 1.55%, or $1.04, to $68.71 per barrel.

Morgan Stanley analysts cut their forecast for Brent crude prices in the fourth quarter of this year to $75 a barrel from $80, after lowering their forecast for the same period in August from $85 a barrel.

Baker Hughes data showed that the number of oil rigs worldwide decreased year-on-year in August by 53 units, but increased compared to the previous month by 22 units, to 1,735 rigs.