Baku, Azerbaijan, March 6
By Leman Zeynalova – Trend:
World oil prices are going down on March 6 amid the report released by the Baker Hughes company on the growing number of drilling rigs in the US.
The price of May futures for Brent crude oil has dropped by 0.39 percent to $55.68 per barrel as of 01:15 EST. Meanwhile, the price of April futures for West Texas Intermediate (WTI) oil has decreased by 0.47 percent and stood at $53.08 per barrel.
The number of drilling rigs in the US has increased by 0.27 percent and stood at 756 over the working week ending March 3, according to the Baker Hughes. Oil rigs have increased by 1.16 percent, while gas rigs have decreased by 3.31 percent in the country during the week.
Another factor affecting the oil prices is the statistics on oil output in Russia. The average daily volume of oil production in the country has increased in February by 1.9 percent per annum to 11.109 million barrels per day.
Russia has pledged to cut its oil output by 300,000 barrels per day from 11.247 million barrels per day in October 2016 to 10.947 million barrels per day during the first half of 2017.
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