Oil is rising with the decline in the number of drilling rigs in the U.S.

Oil is rising with the decline in the number of drilling rigs in the U.S.

The drop in the number of drilling rigs in the US has impacted on the price for oil of mark WTI has risen to $ 49.87 per barrel. The barrel mix of mark Brent rose in price to 53,28 USD.

MOSCOW, 12 Oct. World oil prices show a positive trend on Monday amid declining number of active rigs in the U.S., as well as on the depreciation of the dollar, according to AFP.

As at 12.45 MSK price of November futures for North sea petroleum mix of mark Brent has grown on 0,71% — to 53,28 USD per barrel. Price of November futures for oil of mark WTI rose by 0.48% to $ 49.87 per barrel.

According to the American oil and gas service company Baker Hughes, total rig count in the US by end of working week decreased by 14 units, or 1,73%, and amounted to 795 units. In annual terms the index fell by 1135 units, or by 58.8%. The number of drilling rigs employed in oil production, decreased by 9 points (up to 605 units, or minus 1,46%), the number drilling for gas decreased by 6 points, or 3.07%, and amounted to 189 units.

“Falling rigs in the U.S. has helped support the prices for oil of mark WTI, but the main focus will be on the report of China on trade, which will show if there is an increase demand for oil due to low prices”, — quotes Reuters the opinion of the analysts of the Bank ANZ.

Investors are awaiting data from China. The country this week will publish several economic reports, starting with statistics on foreign trade, which will be released on Tuesday.

In addition, a depreciation of the dollar supported oil quotations. As at 12.45 GMT, the dollar index (the dollar against a basket of six currencies of major US trading partners) fell by 0.23% to 94,63 points.