Oil prices edge up on first drop in U.S. drilling in months

4 Jul 2017   Prices

FILE PHOTO: A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains. Brent crude futures added 6 cents or 0.1 percent to $48.83 per barrel by 0137 GMT (9.37 p.m. ET), after jumping 5 percent last week for the first gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3 percent, to $46.19 per barrel after a more than 7 percent gain last week from depressed levels. Traders said U.S. prices were relatively stronger than Brent after U.S. drilling activity fell for the first time since January. Sentiment for the global Brent benchmark was more subdued due to rising […]

Comments are closed.