Oil stable on lower U.S. rig count, but below recent highs

8 Jan 2018   Prices

Oil prices were stable on Monday, supported by a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.50 a barrel at 0800 GMT, 6 cents above their last settlement. Futures reached $62.21 last week, the most since May 2015. Brent crude futures LCOc1 were at $67.66 a barrel, 4 cents above their last close. Brent hit $68.27 high last week, the highest since May 2015. Traders said the gains were due to a slight decline in the number of U.S. rigs drilling for new production, which eased by five in the week to Jan. 5 to 742, according to data from oil services firm Baker Hughes. Despite this, U.S. production C-OUT-T-EIA is expected to break through 10 million barrels per day […]

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