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Oil prices to rise due to lower US drilling activity

  • Oil prices to rise due to lower US drilling activity

Kyiv: Oil will rise in price due to a decrease in the number of drilling rigs in the United States. This was announced by the Minister of Energy of Saudi Arabia, Khalid al-Falih.

He also noted that the reduction in production led by OPEC is unlikely to be completed before June.

“The cost of a barrel of Brent May oil is $66.13 (+ 0.59%). A barrel of April WTI oil was trading at $56.42 (+ 0.62%). Previous trading standards ended at $65.74 and $56.07, respectively,“ the media said.

It is known that over the past weekend, the prices for the extraction of black gold have fallen sharply due to negative data on employment in the United States.

We recall that more than 50 people went missing after an oil leak and an explosion occurred on the pipeline in southern Nigeria, which caused panic among the local population.


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