Crude sinks as American drillers add rigs

Crude sinks as American drillers add rigs

On Monday, crude went down after American shale drillers added more rigs the previous week, although prices still kept close to their maximum since mid-2015, underpinned by an extension of output cuts agreed the previous week by OPEC as well as other producers.

By December 1 drillers in America added two crude rigs, thus bringing the overall count up to 749, which is the highest outcome since September, as energy services company Baker Hughes told in its Friday’s report.

American West Texas Intermediate crude futures lost 0.8% being worth $57.90 a barrel. Additionally, Brent futures declined 0.6% hitting $63.34 a barrel.

The US rig count, which is an early gauge of future output, rallied abruptly from 477 rigs active in 2016 after energy companies stepped up spending plans for this year.

Over 2017 drillers were generally encouraged to boost their activity because crude prices started reviving from a multi-year price decrease approximately when OPEC as well as some non-OPEC producers decided to limit output last year.

Similar

The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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