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Oil prices fluctuated with higher production from the US and Russia
Crude oil prices fluctuated during Monday as Russia's production increased, as drilling rigs operating in the US rose during the week to a record high, while demand for crude oil is rising especially from Asia.
US crude futures traded at $ 65.64 a barrel, after hitting a high of $ 65.72 a barrel, while opening today's session at $ 65.53 a barrel, the lowest level at $ 65.29 a barrel.
Analysts expect rising US production to offset OPEC-led efforts to cut production, which has been in place since 2017 as the United States continues to boost oil production.
Prices have also fallen due to another rise in the number of oil drilling rigs in the United States over the past week, which has risen by one digger to its highest level since March 2015 at 862 diggers.
On the other hand, the demand for crude oil is increasing by the United States during the summer period coupled with rising demand by the Asian region, which led to continued volatility in crude oil prices.
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