Oil prices rise to record highs
09:04 - 04/11/2017
Information / Baghdad ..
Oil prices have risen to record levels in nearly two years, while US crude hit a two-year high after US drilling data showed drilling activity in the United States was falling.
The latest data for the drilling platforms reinforced the market's view that global supplies are on the decline. During the week, prices received support from rising global demand and expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers of the supply reduction agreement would expand.
US WTI crude was up $ 1.10, or 2 percent, to $ 55.64 a barrel, the highest since July 2015.
Brent crude futures were also settled at $ 1.45, or 2.4 percent, at $ 62.07 a barrel. Crude has risen about 38 percent since reaching its lowest level in June 2017.
US energy companies cut the number of oil rigs by eight this week, the biggest cut since May 2016, in continuation of a decline in drilling activities that began during the summer when prices fell below $ 50 a barrel.
The number of rigs dropped to 729 in the week ending Nov. 3, the lowest level since May 2016, according to Baker Hughes Energy Services.
OPEC meets at the end of November to discuss further measures after agreeing about a year ago with Russia and other producers to cut production by 1.8 million barrels per day. Ending / 25