Highlights

Oil prices firm on signs of US production slowdown

 Publish date: Mon, 17 Jul 2017, 03:15 AM

SINGAPORE: 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 US$49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 per cent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at US$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.

U.S. drillers added two oil rigs in the week to July 14, bringing the total count up to 765, energy services firm Baker Hughes said on Friday.

While that is the highest level since April 2015, the rate of those additions has slowed. Rig additions over the past four weeks averaged five, the lowest since November 2016.

"Given the usual time lag between price signal and drilling decision, the coming month, which also features the E&P (exploration and production) earning season, will be key," said U.S. bank Goldman Sachs. -- REUTERS

Share this

  Be the first to like this.
 


 

377  382  501  626 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 TRIVE 0.065-0.005 
 AAX 0.36-0.02 
 DGB 0.145+0.015 
 BORNOIL 0.09-0.005 
 HUBLINE 0.120.00 
 SIME 8.94+0.01 
 MASTEEL 1.51+0.19 
 HIBISCS 0.765+0.005 
 DIGI 4.41-0.26 
 LIONIND 1.43-0.18 

TOP ARTICLES

1. (Icon) Supermax (3) - Turning Around Icon8888 Gossips About Stocks
2. Super uptrend stocks Annjoo, Padini, Penta, Pmetal
3. 去AGM到底可以得到什么?EKOVEST AGM 篇 西山股庄
4. [转贴] 5098 Masteel 2017-Q3业绩 - Leo Ting Good Articles to Share
5. Mplus Market Pulse - 24 Nov 2017 M+ Online Research Articles
Partners & Brokers