:: Market News --- ID :: 14558
crude today:additional rigs pushed oil prices down
nigh to record export

By Srinivas Chowdary Sunkara // petrobazaar // 4-12-2017

Crude oil prices reacted to drillers action of additional rigs into U.S market. Both the oil futures fell down by above 1 percent. U.S oil prices are supported by the OPEC decision to extend production cuts till the year 2018 end. Brent prices are remain in the mix sixties after OPEC meeting during the last week as price escalation was expected. The two of the OPEC members Libya and Nigeria agreed to keep oil production around current levels. Russia, the largest non-OPEC member also participating to re balance the market.

WTI and Brent price update

The U.S oil futures, West Texas Intermediate (WTI) for January delivery lost around 65 cents or 1.114% at $57.71 on Nymex while Brent futures to be delivered in February slid 81 cents or 1.271% at $62.92 a barrel on London based ICE futures Europe exchange.

Baker Hughes reported additional rigs into U.S market

U.S and Canadian drillers are reported to increase rig machines to operate around U.S and Canada . U.S oil companies increased total 6 rigs in which 2 nos are into oil fields and 4 nos pushed into gas fields. Canada rig numbers are increased to 222 with new 4 rigs.