Oil is cheaper on the background data on the growth in the number of drilling rigs in USA

© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, ShutterstockДобыча oil. Archival photoOil is cheaper on the background data on the growth in the number of drilling rigs in USA© AP Photo / PRNewsFoto/Redhawk Investment Group, LLC, Shutterstock

Oil is cheaper on the data about increase in the number of drilling rigs in the United States.

As at 08.16 GMT the cost of the August futures for North sea oil mixture Brent decreased by 0,32% (to 47.22 per barrel). The price of August futures on WTI oil declined by 0.38% (44,80 USD per barrel).

On Friday, the us oil and gas service company Baker Hughes reported that for the week the number of drilling rigs in the US increased by six to 933 units. The number of oil rigs had reached a 747 units, and gas — 186.

Senior market strategist Greg McKenna AxiTrader said that the number of oil rigs in the US increased for 22 consecutive weeks, a record. Thus, according to the analyst, growth of their quantity is reduced.

AFP also notes that oil prices are falling due to saturation of the market: the growth in US production compensates the efforts of OPEC to reduce production of «black gold».

Oil is cheaper on the background data on the growth in the number of drilling rigs in USA© RIA Novosti, Informaticompletion: from exploration to the consumer

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