Release date: 2018/4/2 8:50 • 185 times read
The price of oil rose on Monday, boosted by a drop in the number of oil rigs in the United States and expectations that the United States could impose sanctions on Iran.
WTI crude <LCOc1> was $ 65.21 a barrel at 0122 GMT, up 27 cents, or 0.4 percent, from the previous close.
Brent crude futures were $ 69.71 a barrel, up 37 cents, or 0.55 percent.
“The oil markets are still nervous about whether or not the US administration will break the fragile nuclear agreement with Iran,” Steven Inies of Singapore’s brokerage firm INDA said.
He said a weekly report indicated a decline in drilling activity in search of new oil discoveries in the United States boosted prices.
Baker Hughes Energy Services said in its closely watched report on Thursday that the number of oil rigs dropped seven rigs to 797 diggers in the week ending March 29.
It was the first time in three weeks that the number of rigs had dropped.
Baker Hughes published its report on the number of dredgers in North America on Thursday, a day ahead of schedule due to the great Friday holiday on March 30. End