Oil prices rose due to lower number of drilling rigs in the USA

Oil prices for North Sea Brent crude rose against the background of the publication of a report by Baker Hughes. According to him, over the week, the number of drilling rigs in the United States decreased by the 83 platform to 1140. This was the lowest since December 2011.

Brent crude oil on the London ICE Brent exchange traded at $ 58,17 / bbl (+ 2.75%). On the eve of trading closed at $ 56,57 / bbl. March WTI crude oil futures on the New York Mercantile Exchange cost $ 52.07 / bbl (+ 3.27%) / The number of drilling rigs in the US has been falling for the ninth consecutive week. Since October, their number has decreased by almost 30%. At the same time, analysts expect that this trend will continue in the near future due to the plans of many oil companies to reduce costs. H

and last week only in Texas, the state where the most installations are located, their number decreased by 41 to the level of 651. The rapid fall in oil prices began in June 2014, when it cost $ 115 / bbl. Since then, the cost of oil has fallen more than 2 times.

A significant role in this was played by the decision of the Organization of Petroleum Exporting Countries not to reduce oil production quotas. According to some estimates, the decision of OPEC to maintain the level of production at the current level was aimed at hitting competitors producing expensive shale oil. Companies that specialize in this business have to look for additional sources of funding.

Source - RBC Daily