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Oil prices decline against the background of US drilling rigs number growth

World prices are declining on Monday as oil and gas company Baker Hughes has published the information on the US drilling rigs growth, according to the market data.

05.Dec.16 3:42 AM
By Anna Tuzova


Oil prices decline against the background of US drilling rigs number growth
As at 00:25 am (UTC-5) the price of February Brent futures has decreased by 0,70 % to $54,08 per barrel. The January WTI futures has decreased by 0,72% to $51,31per barrel.

According to Baker Hughes’ information, as a result of the working week ended on 2nd December, the number of drilling rigs in USA has grown by 4 pieces which is 0,67% to 597. The rate has declined by 140 pieces (19 percent) in annualized terms. The number of oil rigs has grown by 3 pieces (0,63 percent) to 477. The number of gas rigs has grown by 1 piece (0,85 percent) to 119.

The number of oil rigs has continued growing this week by 3 pieces. Since the minimum on 27th May 2016, the producers have increased the quantity of the rigs in the USA by 161 piece (51 percent), according to the Reuters’ quote of the Gold Sachs analysts.

As analysts from U.S. firm Cowen & CO said, 18 exploration and production companies planned to increase expenditure by 36% in 2017 over 2106.

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