Oil (current news)
Oil prices move in a narrow range at the beginning of the European session. The main factor constraining the growth of oil quotations is the increase in the number of drilling rigs in the United States.
- According to Friday’s data from Baker Hughes, the number of drilling rigs increased by 5 units and amounted to 820 pieces.
The growth of drilling rigs in the US is an indicator of the future growth in the volume of raw materials extraction in the country, which undermines the result of the OPEC + pact. The main support for the oil market is provided by the effect of the OPEC + pact, as well as the continuing tensions in the Middle East.
At the moment, WTI crude oil is traded at $ 68.10, losing about -0.02% in price.
Brent crude oil is traded at around $ 73.89, adding about + 0.10% to the price.
Alexander Sivtsov