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MTECHTIPS;-Oil Prices Rise on Less U.S. Drilling

Monday, March 12, 2018 1:00

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MTECHTIPS;-Oil Prices Rise on Less U.S. Drilling

MTECHTIPS-Oil prices were up slightly on Monday morning in Asia as the number of U.S. rigs drilling for more oil production declined. Crude Oil WTI Futures for April delivery were trading at $62.16 a barrel in Asia at 9:45 pm ET, up 0.19%. Brent Oil Futures for May delivery, traded in London, were up 0.20% at $65.62 per barrel. U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers reducing four rigs, to 796. However, despite the lower rig count, activity remains significantly higher than a year ago when just 617 rigs were active. The increase in rig count points to more output to come in the future. Output from the U.S. has already risen by 23 percent since mid-2016 to 10.37 million barrels per day (bpd). It has already surpassed top exporter Saudi Arabia, and by 2019 is expected to surpass top producer Russia, which pumps out nearly 11 million bpd. This will pose a significant challenge for the Organization of the Petroleum Exporting Countries, which has been trying to prop up oil prices by cutting production. OPEC has been reducing output by around 1.2 million bpd since January 2017. However, the U.S. has simply filled the supply gap created by OPEC producers by ramping up production, consequently dragging down prices

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