(MENAFN) On the back of solid US jobs growth and a reduction in the country's crude drilling activities, Oil prices have increased again, as the latest data showed.
Another direct factor for the hike was weakness of the US dollar; hence hopes were raised about a certain possibility of easing the global crude supply glut.
Moreover, many top US drillers have been slashing the number of active rigs to their lowest level in more than six years, thus the rise in prices was a logical result.
Due to overproduction, there is now up to 2.5mn bpd of excess oil in the market, which caused crude prices to lose around 60pct of their value since mid-2014.
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