By Srinivas Chowdary Sunkara // petrobazaar // 6-11-17.
Crude oil prices rose to highest since July, 2015. Both benchmark futures advanced above 2% during the trading hours . Saudi Crown price cements power with high-level arrests to purge kingdom. U.S rig count fall to its lowest since May, 2016 which indicated the tightening of market through low drilling activity. OPEC is expected to extend a production cut pact beyond March, 2018. Bullishness hovering around the market due to new supply disruptions among stabilised global economic growth. Increase of volume by speculators on gains in the Brent price is also creating constructive oil price environment.
Brent and WTI price today
U.S crude oil futures for December delivery advanced $1.47 or 2.642% at $57.11 a barrel on Nymex while Brent futures for January delivery ramped up by $1.8 with 2.9% increase at $63.87 on London based ICE futures Europe exchange by 10:33p.m IST.