Oil is cheaper in anticipation of growth in demand in the market

© RIA Novosti / Ilya Petliurite in fotosannette the machine-rocking chair on the oil field. Archival photoOil is cheaper in anticipation of growth in demand in the market© RIA Novosti / Ilya Petliurite the image Bank

World oil prices drop slightly on Tuesday amid expectations of individual investors, further growth in supply in the oil market, according to the auction.

As of 08.20 GMT the cost of the August futures for North sea petroleum mix of mark Brent has decreased on 0,32% — to 52,47 USD per barrel. The price of WTI crude oil decreased by 0.02% to 49.79 per barrel.

Reuters draws attention to the steady increase in the number of drilling rigs in the United States. As reported on Friday, oilfield services company Baker Hughes, at the end of the may 26 work week the number of drilling rigs in the country rose by seven units, or 0.77%, to 908 units.

The number of oil rigs increased by two pieces, or 0.27% to 722 units, the highest level since April 2015, the Agency said. Moreover, the period during which the number of oil rigs is growing, became the longest in history, adds the Agency.

At the same time prices fall is so slight on the other supporting factor, originating from the USA. In this country on Memorial Day, Monday officially started the season of road trips, reports Reuters. «The beginning of the racing season reinforced confidence in the market that the stocks (oil — ed.) will start to fall in the coming weeks», — quotes Agency the opinion of an unnamed analysts at ANZ.

The American automobile Association (American Automobile Association, AAA) predicted before the holiday that 39,3 million Americans will go on trips at a distance of 80 kilometers or more from home during the weekend, the Agency said. This is the highest figure since 2005.

Read more about oil prices, visit the website RIA Novosti >>

Oil is cheaper in anticipation of growth in demand in the marketGo to photobacteria oil revenues and other revenues