High oil prices after the decline of US drilling and drilling platforms

High oil prices after the decline of US drilling and drilling platforms

Oil prices rose during Monday's trading on the European market, with US crude continuing its gains for the third consecutive session near its highest level in nearly eight weeks, and Brent crude for the fourth session in a row near the highest level in four years, and this rise in prices today comes supported Of the US drilling and drilling platforms fell for the second week in a row, indicating signs of double production levels in the world's second-largest oil producer.

By 0835 GMT, US crude was up around $ 73.40 a barrel from the opening price of $ 73.28, reaching a high of $ 73.63, while a low of $ 73.24.

Brent crude was up 83.00 dollars a barrel from the opening level of 82.72 dollars, and reached a high of 83.30 dollars, while the lowest level 82.67 dollars.

US crude finished up 1.8% to hit its second straight daily gain, hitting an eight-week high of 73.71 US dollars a barrel. Brent crude futures also rose 2.0% in the third daily gain respectively , Recording a four-year high of $ 83.38 a barrel.

Over the course of last week, global oil prices rose by 4%, marking the third weekly gain respectively, as the market continued to focus on the prospects of Iranian oil supplies after the US sanctions in November.

In September, oil prices rose by 5.2%, marking their second straight monthly gain, as concern over oversupply in the market subsided after Iran's oil supplies actually declined in recent times. "To the demands of US President Donald Trump to increase production and lower prices.

In the United States, Baker Hughes Oil Services said in its official data released on Friday that the drilling and drilling platforms in the United States decreased last week by about 3 platforms to reach a total of 863 platforms, in the second weekly decline respectively.

Thanks to high drilling activities, US production has increased by more than 30 percent to a total of 11.1 million bpd, surpassing the production of the world's largest oil producer, Saudi Arabia, and close to the production of Russia, the world's largest oil producer.

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