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Oil prices rose on Monday, but gains were as little as possible with investors assess whether increasing the number of drilling rigs in the United States and rising inventories to a record level Sicoadan producers efforts to reduce production and restore balance to the market.
Futures contracts for Brent benchmark prices rose one percent to $ 55.82 a barrel at 0050 GMT, while the price of crude rose US West Texas Intermediate three cents to $ 53.43 a barrel.
She said Baker Hughes energy services company that US energy companies increased the number of oil rigs for the fifth consecutive week, continuing a steady increase in nine months after being encouraged by producers as a result of higher crude oil were traded mostly above $ 50 a barrel since late November rates.
The OPEC and other producers, including Russia, had agreed late last year to cut production about 1.8 million barrels per day during the first half of 2017.
Estimates indicate that the commitment to the reductions amounted to about 90 percent, while last week, Reuters reported that OPEC may extend the agreement or apply greater reductions starting in July if global inventories of crude oil did not decline enough.
But the rise in US production helped to increase crude oil and gasoline stocks to record highs last week amid falling for the growth of demand for motor fuel.
http://economy-news.net/content.php?id=6754
Economy News / Continue ...
Oil prices rose on Monday, but gains were as little as possible with investors assess whether increasing the number of drilling rigs in the United States and rising inventories to a record level Sicoadan producers efforts to reduce production and restore balance to the market.
Futures contracts for Brent benchmark prices rose one percent to $ 55.82 a barrel at 0050 GMT, while the price of crude rose US West Texas Intermediate three cents to $ 53.43 a barrel.
She said Baker Hughes energy services company that US energy companies increased the number of oil rigs for the fifth consecutive week, continuing a steady increase in nine months after being encouraged by producers as a result of higher crude oil were traded mostly above $ 50 a barrel since late November rates.
The OPEC and other producers, including Russia, had agreed late last year to cut production about 1.8 million barrels per day during the first half of 2017.
Estimates indicate that the commitment to the reductions amounted to about 90 percent, while last week, Reuters reported that OPEC may extend the agreement or apply greater reductions starting in July if global inventories of crude oil did not decline enough.
But the rise in US production helped to increase crude oil and gasoline stocks to record highs last week amid falling for the growth of demand for motor fuel.
http://economy-news.net/content.php?id=6754
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