UPSTREAMONLINE.COM
Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks recouped more of March's losses on increased hopes world supply and demand were nearing balance. At the same time, the US oil rig count rose to its highest level in two years, threatening the rebalancing of markets. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to 13 April, bringing the total count up to 683. The number of US rigs has increased for 13 consecutive weeks. The market has been oversupplied since mid-2014, prompting members of Opec and some non-Opec producers to agree to cut output in the first six months of 2017.
Read more>
Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks recouped more of March's losses on increased hopes world supply and demand were nearing balance. At the same time, the US oil rig count rose to its highest level in two years, threatening the rebalancing of markets. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to 13 April, bringing the total count up to 683. The number of US rigs has increased for 13 consecutive weeks. The market has been oversupplied since mid-2014, prompting members of Opec and some non-Opec producers to agree to cut output in the first six months of 2017.
Read more>