Oil prices up despite growing number of US drilling rigs
Baku, Azerbaijan, June 26
By Leman Zeynalova – Trend:
World oil prices are rising on June 26 despite the report about the increasing number of drilling rigs in the US.
The price for August futures of Brent crude oil has increased by 1.16 percent to $46.07 per barrel as of 06:49 (GMT +4).
This is while the price for August futures of West Texas Intermediate (WTI) has grown by 1.14 percent and stood at $43.50 per barrel.
The number of drilling rigs in the US has increased by 0.85 percent to 941 over the week ending June 23, according to the Baker Hughes industrial service company. Oil rigs have grown by 1.47 percent to 758, while gas rigs have dropped by 1.61 percent and stood at 183. The number of drilling rigs in the country has increased by 520, or over 2.2 times year-on-year.
Follow the author on Twitter: @Lyaman_Zeyn