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Oil Prices Wobble; Markets Asses U.S. Drillers Data

Energy companies in U.S. diminished the number of operating oil rigs in three weeks as oil drillers carry on to stick to cost reduction plans.

Photo: Pixabay

One should mention, that number of operating crude rigs dropped by 8, to touch 677 for the week ending December 27, marking thus, the lowest result since mid-November, according to Baker Hughes report.

For the record the number of rigs in U.S. is currently lower than last year’s figure of 885 rigs. Over the year, the decrease amounted to 208 units – this is the first decrease since 2016. Against all odds in December, the oil derricks units grew for the first time in 13 months.

Meantime, the oil prices were mixed on Monday, with U.S. WTI light crude easing by 0.05 percent, to $61,69 per barrel, whereas Brent crude futures added  slightly 0.03 percent, to reach $66,89 per barrel at 0847 GMT.