Price of crude oil climbs in international market
- The price of crude oil continues to surge in the international market; and is currently at $65.70/barrel
- The surge comes following a drop in the number of rigs drilling for more production in the United States
- Last week, U.S. energy companies cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796
Oil markets climbed on Monday, March 12, on the back of a drop in the number of United States rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand, NAN reports.
Legit.ng gathers that Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from their previous close.
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“A falling rig count and the strong employment data may have helped support prices," said William O’Loughlin, investment analyst at Rivkin Securities.
The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday, March 9.
In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said.
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Meanwhile, Legit.ng previously reported that there were indications that the United States and other nations would soon abandon Nigeria’s oil, which may negatively affect the nation’s revenue generation.
The Energy Information Administration (EIA) said the US may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years.
However, the EIA stated that the transition from net energy importer to net energy exporter will not take place until 2050 in some sensitive cases.
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Source: Legit.ng
