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The amount of falling gauge can not stop the price of oil



Oil rigs

This week, Baker Hughes reported a decrease in 3 oil and gas rigs in the United States. According to the report, the total number of operating oil and gas rigs is currently 1076 units, while the number of existing oil installations increased by 2 and reached 887, while the number of gas installations decreased by 5 at 189.

Since last year, the amount of oil and gas is 147 units, of which 138 are in oil rigs.

On Friday, crude oil prices fell, and in November it was the worst month for oil prices, as concerns about oversupply and slower growth in demand took precedence over the hope that OPEC + would agree to curb oil production at its meeting 6 and 7 December,

The WTI test was trading at 0.35% (-0.18) at $ 51.27 at 12:42 EST-week at $ 4 a barrel. Brent crude oil is trading at 0.45% (-0.27) and amounts to 59.64 dollars, as well as almost $ 4 per barrel.

This week, Canadian oil and gas installations for the week decreased by 5 drilling rigs after receiving 7 drilling rigs, resulting in a total amount of oil and gas amounted to 199, which is 23 units less than last year, with a decrease of 5 units for oil rigs and the number of gas installations, sustainable for a week.

EIA estimates for US production for the week ending Nov. 23 continue to affect prices, averaging 11.7 million barrels per day for the third week in a row and the highest production level for the United States.

By 1:07 pm EDT, WTI went further into red, dropping 0.43% (- $ 0.22) at $ 51.23 per day. Brent crude oil traded at 0.52% (- 0.31 US dollars) at the level of 59.60 dollars per barrel.

Julianne Geiger for Oilprice.com

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