Oil prices firm on signs of U.S. production slowdown

17 Jul 2017   Prices

Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand. Brent crude futures, the international benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.34 percent. Both crudes extended gains from a strong previous week. Traders and analysts said the rising prices were a result of strong demand as well as signs that a relentless climb in U.S. oil production was slowing down. “Last week’s strong draw on U.S. oil inventories was supported by comments from the IEA that demand is growing stronger than they had initially estimated … The relentless climb in drill rigs operating in the U.S. also subsided,” ANZ bank said on Monday. […]

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