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.

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