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Lower oil prices by increasing OPEC production
04/07/2017
Oil prices fell, after rising for seven consecutive sessions with gains dissipated earlier in the day by data indicating contraction of US production, with the presence of signs of increased OPEC production.
Where futures contracts for Brent crude fell 13 cents to $ 48.64 a barrel from the level of $ 49.15, which hit earlier in the session.
And revealed futures contracts for WTI US median four cents to $ 46 a barrel.
And it decreased drilling activities related to increasing oil production in the United States for the first time since January, where the shrinking number of rigs by two excavators, while the US government data showed that crude production fell in April / April for the first time this year.
Despite the decline in US drilling activities, the total number of rigs is still more than double its level for the same week a year ago, when he scored 341 excavator, according to the "Baker Hughes Energy Services."
The oil markets are still oversupplied crude, where the record production of the OPEC countries (OPEC), the highest level in 2017.
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