The cost of the May futures for Brent crude in the trading on Monday rose above $ 39 a barrel. The growth of oil prices against the background of reduction in the number of drilling in the US
In the course of trading on the London Stock Exchange ICE on Monday, 7 March, the price of North Sea Brent crude oil broke the mark of $ 39 per barrel. At the maximum, at 06:52 MSK, the price of May Brent futures rose to $ 39.5 per barrel. Then, a slight rebound occurred, and as of 8:20 MSK Brent traded at $ 39.4 per barrel
At the opening of trading Brent cost $ 38.9 per barrel at the close of the previous trading session – $ 38, 72. Thus, by 8:20 MSK Brent added to the price of $ 0.7, or 1,78%.
The last time above $ 39 per barrel of Brent cost rose in early January. Above $ 39.5 oil prices did not rise since December last year.
As noted by Bloomberg, the growth of oil prices against the background of the decision of US companies to reduce the number of drilling, which should lead to a decrease in production. According to Baker Hughes Inc., who leads the agency, the number of oil rigs in the United States fell to 392, which is the lowest level since December 2009. Data Commodity Futures Trading Commission showed that the prospect of loss and hardening prices at $ 20 a barrel has disappeared, the agency said.
«We are starting to see lower production levels in the US, and if it continues, it will be an incentive for long-term price increases. However, the higher the price, the more vulnerable they are to some correction, given that we are entering a period of seasonal weakness “, – he told Bloomberg chief analyst at CMC Markets in Sydney Rick Spooner
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