Stock market quotes, forex, financial news, forex tools – money-investing.com

Oil is being adjusted downwards due to the growth of the number of drilling rigs in the US

 Breaking News

Oil is being adjusted downwards due to the growth of the number of drilling rigs in the US

Oil is being adjusted downwards due to the growth of the number of drilling rigs in the US
October 17
10:30 2016

The slight fall of oil prices continues on Monday against the news that the number of drilling rigs in the USA have grown again as well as on the background of the data on the dollar strengthening to its peak over the last 7 months against the basket of major currencies.

According to Baker Hughes, the number of oil wells, which have been developed in the United States, has increased by 4. The tendency of the growth of this indicator has been stable for a month and a half.

Meanwhile, last week it became known that the oil production by the OPEC countries in September had risen to unprecedented figures despite the fact that the global market remained high stocks of raw materials and we experienced the limited demand.

The OPEC meeting has been scheduled for November 30th. The cartel countries are planning to discuss the reduction of the production of black gold.

To the beginning of the day futures contracts for Brent crude oil for December have fallen by 4 cents, amounting to $ 51.91 per barrel on the London Stock Exchange.

During the trading session, the November futures for the US WTI crude oil have fallen by 12 cents, amounting to $ 50.23 per barrel on the New York Stock Exchange.

Related Articles

2 Comments

  1. Yuryi Galitsyn
    Yuryi Galitsyn October 17, 17:02

    Now there are some obstacles on the way to the OPEC agreement. However, it’s the first time over a long period, when oil ministers are operating with specific numbers and considering the possibility of further actions.

    Reply to this comment
  2. John Brown
    John Brown October 17, 20:04

    It is worth emphasizing that the number of drilling rigs has increased or just remained the same over 18 consecutive weeks. Meanwhile, as Baker Hughes report showed, the latest number has become the highest since the beginning of February.

    Reply to this comment

Write a Comment