Oil rises in price against the reduction in the number of drilling rigs in the USA


Prices for a barrel of Brent and WTI oil rose moderately on the basis of trading on Monday, Baker Hughes reports. The price of Brent futures for March rose 0.43% to $62.97 a barrel. March WTI futures climbed 0.39% and exceeded $54 a barrel. The number of drilling rigs in the United States decreased by 21 units to the minimum value. The number of installations fell to 852 units, which corresponds to the minimum of May 2018. Analysts at Commerzbank AG report that the recovery of oil extraction in the country may turn out to be lower than expected. Nevertheless, the rise in oil prices will not be too high due to the slow growth of the Chinese economy associated with the trade war with the United States and the decline in retail trade. China's GDP last year grew at the lowest pace in 30 years. The increase was 6.6%.

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