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Oil prices start trading on the week of declines after reaching the highest levels since 2014

2018-04-16 08:28 am | Resource: NEWS | No Views : 326

Oil prices start trading on the week of retreats after reaching the highest levels since 2014, and due to decline because of the high number of US drilling platforms working last week, as well as calm about the US military strikes on Syrian territory.

US crude was down 0.76% to reach $ 66.76 a barrel. US crude opened today at $ 67.33, recording a high of $ 67.68 and a low of $ 66.62.

Brent crude was the most active at $ 72.00, recording a high of $ 72.22 and a low of $ 71.30. Brent crude was down 1.11%. Currently trading at $ 71.45.

World oil prices gained strong gains last week by more than 8 percent amid geopolitical tensions in the Middle East and concerns about disruption of supplies from the oil-rich Gulf region.

The US Energy Information Administration also revealed last week the US crude oil inventories report, which showed a surplus of 3.3 million barrels last week on April 6 compared to a deficit of 4.6 million barrels in the previous weekly reading.

 This is in contrast to expectations that the deficit shrank to 0.6 million barrels, with inventories rising to 428.6 million barrels while stocks remain below the average range for this time of year.

US energy companies added seven oil drilling rigs during the week to April 13, bringing the total to 815 diggers, the highest since March 2015, Baker Hughes Energy Services said on Friday.

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