Oil prices up amid declining drilling rigs in US| MENAFN.COM

Wednesday, 01 February 2023 06:24 GMT

Oil prices up amid declining drilling rigs in US


(MENAFN- Trend News Agency ) Baku, Azerbaijan, July 3

By Leman Zeynalova – Trend:

World oil prices are rising on July 3 amid the decline in the number of drilling rigs in the US for the first time since early 2017.

The price for August futures of Brent crude oil has increased by 0.16 percent to $48.85 per barrel as of 05:36 (UTC +4).

This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.33 percent and stood at $46.19 per barrel.

The number of drilling rigs in the US has dropped by 0.1 percent to 940 over the week ending June 30, according to the US Baker Hughes industrial service company. The number of drilling rigs in the country has grown by 2.18 times year-on-year. Oil rigs in the US have dropped by 0.26 percent, while gas rigs saw a decrease of 0.55 percent.

However, concerns over the growth of oil output in Libya are dragging the oil prices down. It was earlier reported that the country's oil production has increased by 1.005 million barrels per day, the highest figure since June 2013.

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Follow the author on Twitter: @Lyaman_Zeyn

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