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Oil prices drop again after slight recovery

Oil&Gas Materials 7 February 2017 12:49 (UTC +04:00)
Oil prices are falling on Feb.7 after a slight recovery earlier in the day.
Oil prices drop again after slight recovery

Baku, Azerbaijan, Feb.7

By Leman Zeynalova – Trend:

Oil prices are falling on Feb.7 after a slight recovery earlier in the day.

The price of April futures for Brent crude oil dropped by 0.20 percent and stood at $55.61 per barrel as of 03:07 EST. Meanwhile the price of March futures for West Texas Intermediate (WTI) oil decreased by 0.23 percent to $52.89 per barrel.

Oil prices fell on Feb.6 on the data released by the US Baker Hughes company about the number of drilling rigs in the country.

The number of drilling rigs in the US has increased by 17 or 2.4 percent over the week ending Feb.3 and stood at 729, according to Baker Hughes. The number of oil rigs grew by 17 or 3 percent to 583, while no changes were recorded in the number of gas rigs which stood at 145.

The oil market was also affected by the forecast of BMI Research which said that China’s oil import will fall in the first half of 2017 due to the repair work in the country’s oil refineries.

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Follow the author on Twitter: @Lyaman_Zeyn

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