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[size=36]Rising oil prices as US drilling activity data await[/size]
12:04 - 22/02/2019
Mawazine News
Oil prices rose during Friday's trading, as US drilling data awaited the recovery from yesterday's drop on the back of a jump in US crude production.
The price of oil turned down in yesterday's session following the disclosure of data from the US Energy Information Administration, which revealed that the production of crude in the United States of 12 million barrels per day for the first time ever.
The increase in US oil production means a jump of about 2.5 million bpd since the beginning of 2018 and the addition of about 5 million bpd since 2013, so that the United States is the only country that has reached a production level of 12 million barrels per day.
The surge also undermines efforts by the Organization of Petroleum Exporting Countries (OPEC), which aims to reduce crude supply and tighten global markets amid expectations of a global economic slowdown on the back of trade frictions.
The intensity of trade tensions has shrunk recently under ongoing negotiations between the United States and China aimed at reaching an agreement, but at the same time everyone is waiting for the end of the trade truce on March 1.
On the other hand, official data revealed the rise of oil inventories in the United States last week for the fifth consecutive time, while gasoline stocks fell during the same period.
Investors are awaiting disclosure of US oil exploration data, which is due to be released later in the day.
By 7:41 am GMT, the benchmark Brent crude for April delivery rose 0.1% to $ 67.15 a barrel.
At the same time, US crude futures for April delivery rose by more than 0.2% to 57.09 dollars per barrel after recording the first decline in 7 sessions at the settlement of yesterday's trading.
Oil prices rose during Friday's trading, as US drilling data awaited the recovery from yesterday's drop on the back of a jump in US crude production.
The price of oil turned down in yesterday's session following the disclosure of data from the US Energy Information Administration, which revealed that the production of crude in the United States of 12 million barrels per day for the first time ever.
The increase in US oil production means a jump of about 2.5 million bpd since the beginning of 2018 and the addition of about 5 million bpd since 2013, so that the United States is the only country that has reached a production level of 12 million barrels per day.
The surge also undermines efforts by the Organization of Petroleum Exporting Countries (OPEC), which aims to reduce crude supply and tighten global markets amid expectations of a global economic slowdown on the back of trade frictions.
The intensity of trade tensions has shrunk recently under ongoing negotiations between the United States and China aimed at reaching an agreement, but at the same time everyone is waiting for the end of the trade truce on March 1.
On the other hand, official data revealed the rise of oil inventories in the United States last week for the fifth consecutive time, while gasoline stocks fell during the same period.
Investors are awaiting disclosure of US oil exploration data, which is due to be released later in the day.
By 7:41 am GMT, the benchmark Brent crude for April delivery rose 0.1% to $ 67.15 a barrel.
At the same time, US crude futures for April delivery rose by more than 0.2% to 57.09 dollars per barrel after recording the first decline in 7 sessions at the settlement of yesterday's trading.
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