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Oil is at its highest level in nine weeks
07/08/2017
Oil prices have stabilized near a nine-week high on Monday, boosted by strong US employment data and a slight decline in the number of US drilling platforms, although OPEC output has curbed gains.
Brent crude futures rose 8 cents or 0.15 percent to $ 52.50 a barrel. US crude futures rose 7 cents, or 0.14 percent, to $ 49.65 a barrel.
International benchmark crude prices rose to near their highest level since late May when OPEC oil producers extended an agreement to cut output by 1.8 million bpd by the end of March.
"Crude oil prices rose strongly after investors viewed US employment data as a positive sign for oil demand in the United States," the bank said in a note. "A slight decline in the number of drilling platforms In the United States also prices. "
The US Labor Department said companies in the United States added 209,000 workers more than expected in July and increased wages.
Companies cut the number of oil drilling platforms by one excavator in the week ending Aug. 4, bringing the total number to 765, Baker Hughes said.
Despite the decline in the number of drilling platforms last week, oil production in the United States reached 9.43 million barrels per day, its highest level since August 2015.
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