Baku, Azerbaijan, March 13
By Leman Zeynalova - Trend:
World oil prices continue to decline on March 13 amid the report of the US Baker Hughes company about the growing number of drilling rigs in the country.
The price of May futures for Brent crude oil has dropped by 0.19 percent to $51.27 per barrel as of 04:07 EST. Meanwhile, the price of April futures for West Texas Intermediate (WTI) oil has grown by 0.39 percent and stood at $48.30 per barrel.
Baker Hughes estimates that the number of drilling rigs in the US has increased by 1.58 percent to 768 over the working week ending March 10.
Another factor dragging the oil prices down is the data released by the US Energy Information Administration (EIA) about the growth of the crude stocks in the country. The EIA said last week that the US crude stockpiles have grown by 8.2 million barrels to 528.4 million barrels. This is while analysts expected this figure to grow only by 1.967 million barrels.
On March 9, Brent oil price fell to the lowest level since December 1, 2016, while WTI price dropped to the minimum level since November 30, 2016 due to the report about growing volume of commercial crude stocks in the US (excluding the strategic reserve).
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