Amount of US drilling rigs rise, oil prices drop
Baku, Azerbaijan, Jan.23
By Leman Zeynalova – Trend:
World oil prices are decreasing on Jan.23 on the report released by the Baker Hughes company about rising number of drilling rigs in the US.
The price of March futures for Brent crude oil dropped by 0.04 percent and stood at $55.47 per barrel as of 02:37 EST. This is while the price of March futures for West Texas Intermediate (WTI) oil decreased by 0.13 percent to $53.15 per barrel.
The number of drilling rigs in the US rose by 35 or 5.3 percent and stood at 694 over the workweek ending Jan.20, according to Baker Hughes. This figure is 8.9 percent higher than a year ago. The number of oil drilling rigs in the country has increased by 29 or 5.55 percent to 551.
---Follow the author on Twitter: @Lyaman_Zeyn