Oil is trading in a weak positive territory amid low demand in the market

Oil is trading in a weak positive territory amid low demand in the market


Analysts believe that the current mood associated data oil and gas service company Baker Hughes, which reported on the decline in the number of drilling rigs in the United States.

MOSCOW, 26 Jan. World oil prices grow weakly in the course of trading Monday amid ongoing fears of investors that the demand for “black gold” remains weak, according to AFP.

As at 07.04 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,02% — to 48,10 dollars per barrel. The price of futures for WTI crude oil increased by 0.31% to 44,74 dollars per barrel.

ANZ Bank analysts believe that oil demand will remain weak until the end of the current year. “We remain cautious regarding commodity prices until the end of the year, given the weak demand conditions” — quoted by the Reuters.

Weak growth in oil prices contribute to data of the American oil and gas service company Baker Hughes. So, the total number of drilling rigs in the U.S. the season ended, the work week has not changed and amounted to 787 units. In annual terms the index declined by 1140 units, or 30.9%. The number of oil drilling decreased by 1 unit, or 0.16% to 594 units, gas — increased by 1 unit, or 0.52%, to 193 units.