Baku, Azerbaijan, Jan.16
By Leman Zeynalova – Trend:
World oil prices have started to drop on Jan.16 after the rise on the same day on hopes for cuts in production.
The price of March futures for Brent crude oil dropped by 0.45 percent as of 03:21 EST and stood at $55.20 per barrel. This is while the price of February futures for West Texas Intermediate (WTI) oil decreased by 0.36 percent to $52.18 per barrel.
Earlier on Jan.16, a positive dynamics was observed in oil prices against the backdrop of falling number of oil rigs in the US, according to Baker Hughes.
Baker Hughes said that the number of drilling rigs in the US dropped by 0.90 percent and stood at 659 during the week ending on Jan.13.
This report pushed the price of March futures for Brent oil up by 0.29 percent to $55.61 per barrel. Meanwhile, the price of February futures for WTI oil rose by 0.27 percent and reached $52.51 per barrel.
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