Crude Oil Prices Sidestep Rising Oil Rigs To Notch Second Straight Weekly Win

0
97
Crude Oil Prices Sidestep Rising Oil Rigs To Notch Second Straight Weekly Win© Reuters.

Investing.com – Crude settled higher as a drop in Libyan production and upbeat comments from Saudi’s chief offset data showing the number of US rigs increased for the fifth-straight week.

On the for March delivery rose 78 cents to settle at $63.55 a barrel, while on London’s Intercontinental Exchange, gained 92 cents to trade at $67.31 a barrel.

The number of oil rigs operating in the US jumped by one to 799, the highest level since 2, 2015, according to data from energy services firm Baker Hughes, pointing to further expansion in US output.

Offsetting that, however, was an earlier report of a dip in Libyan production as the country’s El Feel oilfield shutdown, which produces 70,000 barrels per day of crude.

Article continues below Advertisement...

Also helping crude to a second-straight weekly gain were upbeat comments from Saudi Energy Minister Khalid al-Falih who said was clear oil markets are rebalancing, and added that he expects inventories to continue to decline in 2018.

Al-Falih’s comments come in the wake of steady US production, threatening to derail major oil producers efforts to reduce global oil supplies to OPEC’s five year average. The oil cartel together with agreed in December to extend the 1.8 million bpd output cuts through 2018, to rid the market of excess supplies.

The ’s weekly inventory totals showed US crude production remained close to its highest level in nearly half a decade at 10.27 million barrels. This keeps the US on track to meet the ’s recent estimate for domestic production to top 11 million barrels per day by year-end.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the , it is one of the riskiest investment forms possible.

Source: Investing.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here