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Falling oil prices due to the recent increase in the number of drilling rigs in the United States
Date: 10/17/2016 09:02
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Information / Baghdad ..
Oil prices fell in the early hours of Monday morning as a result of increasing the number of oil rigs in the United States and rising OPEC production to a record high and slowing global economic growth, which could weaken demand for fuel.
Futures contracts for WTI US prices have dropped by median 32 cents to $ 50.03 a barrel at 0030 GMT, compared with its level at the previous close.
Traders said WTI fell due to a further increase in the activity of drilling for oil in the United States.
She said Baker Hughes energy services company on Friday that oil exploration companies in the United States added four rigs in the week ending October 14. This was the sixth week in a row in which the number of drilling rigs has not seen any decline, suggesting increasing the size of the expected production.
And also it landed contracts futures price for Brent 20 cents from the last closing price to $ 51.75 a barrel.
Traders said Brent hit by rising OPEC production to a record level of organization where production hit a record high of 33.6 million barrels of crude oil per day in September. Finished / 25 p.
http://almaalomah.info/2016/10/17/economic/95624
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