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Acceleration of US oil production put pressure on US crude prices and Brent on the rise

2018-07-09 01:54 pm | Resource: NEWS | No Views : 204

Oil prices diverged at the start of Monday's trading session, with Brent recording gains, and US crude fell by nearly 0.20% amid renewed concerns over the acceleration of oil production in the United States to a new record high.

Last week, Baker Hughes data released a 5-platform rally in the United States, the first rise in three weeks, to a total of 863 platforms, the highest level since March 2015.

US production jumped 29% since mid-2016 to a total of 10.9 million barrels, surpassing the production of Saudi Arabia, and close to Russia's production.

The US Energy Information Administration report also showed a surplus in US oil inventories last week, at 1.2 million barrels, compared to a deficit of 9.9 million barrels in the previous weekly reading.

US crude fell 0.6% last week, its first weekly loss in three weeks, on correction from a three-and-a-half year high.

US crude fell Monday by 0.19% to hit $ 73.72 a barrel. US crude opened at $ 73.85, recording a high of $ 74.23 and a low of $ 73.47.
Brent crude was the most active at $ 77.08, recording a high of $ 77.97 and a low of $ 77.04. Brent crude gained 0.77%. To trade at $ 77.70

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