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Oil ends the week on a big rally
10:19 - 19/08/2017
Oil prices rose sharply as the dollar fell and US companies cut the number of oil drilling platforms, boosting a rally that pushed Brent crude to weekly gains as US crude steadied little changed over the week.
US energy companies cut the number of oil rigs for a second week in three weeks as companies cut spending plans as crude prices fell, Baker Hughes Energy Services said.
Baker Hughes said companies cut the number of oil drilling platforms by five in the week ending Aug. 18 to a total of 763.
US crude futures for September delivery rose $ 1.42 to $ 48.51 a barrel, up 3 percent.
Global Brent crude for October delivery rose $ 1.69 to $ 52.72 a barrel, up 3.3 percent.
The crude was heading for a weekly loss of more than 2 percent, but the sharp rally today pushed Brent to a weekly gain of 1.5 percent, while US crude finished the week semi-stable, dropping only 0.3 percent. Ending / 25
http://www.almaalomah.com/2017/08/19/185876/
10:19 - 19/08/2017
Oil prices rose sharply as the dollar fell and US companies cut the number of oil drilling platforms, boosting a rally that pushed Brent crude to weekly gains as US crude steadied little changed over the week.
US energy companies cut the number of oil rigs for a second week in three weeks as companies cut spending plans as crude prices fell, Baker Hughes Energy Services said.
Baker Hughes said companies cut the number of oil drilling platforms by five in the week ending Aug. 18 to a total of 763.
US crude futures for September delivery rose $ 1.42 to $ 48.51 a barrel, up 3 percent.
Global Brent crude for October delivery rose $ 1.69 to $ 52.72 a barrel, up 3.3 percent.
The crude was heading for a weekly loss of more than 2 percent, but the sharp rally today pushed Brent to a weekly gain of 1.5 percent, while US crude finished the week semi-stable, dropping only 0.3 percent. Ending / 25
http://www.almaalomah.com/2017/08/19/185876/
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