Oil rose for the eighth consecutive session


Moscow. July 3. INTERFAX.RU – Oil rises in Asian trade Monday for the eighth consecutive session, investors continue to win back the reaction to Friday’s data on the reduction in the number of active operated drilling rigs in the United States.

However, reports of increased oil production on Libya to a maximum of four years – more than 1 million barrels a day to inhibit the growth of the oil market.

Price of the September futures for Brent crude on London’s ICE Futures exchange to 8:10 Moscow time rose by 9 cents (0,18%) to $48,86 per barrel.

Crude oil with August delivery in electronic trading on the new York Mercantile exchange (NYMEX) rose $0.15 (0.33 percent) to $46,19 per barrel.

Last Friday Brent crude rose by $1,14 (2,39%), to $48,77 per barrel, WTI – at $1,11 (2,47%), to $46,04 per barrel.

According to Baker Hughes, the number of oil rigs in operation in the U.S. declined by two, to 756. The decrease for the first 24 weeks and the second since the beginning of this year.

By the end of June Brent crude fell by 4.8%, WTI – by 4.7%, for the second quarter, the decline was respectively 9.3% and 9%.

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