Baku, Azerbaijan, Feb.20
By Leman Zeynalova – Trend:
World oil prices are rising on Feb.20 despite the contradictory processes on the market - on one hand, reports about growing number of US drilling rigs and on the other hand, the OPEC output cuts.
The price of April futures for Brent crude oil has increased by 1.02 percent to $56.38 per barrel as of 05:06 EST. The price of March futures for West Texas Intermediate (WTI) oil grew by 0.84 percent to $53.85 per barrel.
The number of drilling rigs in the US has increased by 1.34 percent to 751 over the week ending Feb.17, according to Baker Hughes. Over the week, the number of oil and gas drillings rigs in the US has increased by 1 percent and 2.68 percent, respectively.
This is while implementation of the OPEC output deal supports the oil prices. OPEC countries reduced their crude output by 890,000 barrels per day in January 2017, as compared to December 2016.
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