Crude prices soar on first dip in American drilling in months

Crude prices soar on first dip in American drilling in months

On Monday, crude jumped, underpinned by the first sag in American drilling activity in months, though revenues were capped by reports of soaring OPEC output the previous month even as the group has promised to minimize supply.

Brent crude futures managed to leap 0.3%, showing $48.93 per barrel, having soared 5.2% the previous week, its first weekly jump in six weeks.

American West Texas Intermediate crude futures went up 0.5%, trading at $46.28 per barrel, contributing to the previous week's 7% revenue.

Oil prices added because drilling activity in America for new crude output went down for the first time since January, losing by two rigs.

American crude futures went down 9% during the second quarter, which concluded in June, while Brent futures sagged 9.3%. It extended first-quarter dips for the contracts.

Notwithstanding the sag in American drilling activity, the overall rig count turned to be more than double the 341 rigs in the same week the previous year, according to energy services company Baker Hughes Inc.

Similar

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera