Oil prices rise on decline in US drilling activity, OPEC supply cuts


Oil prices rise on decline in US drilling activity, OPEC supply cuts

Oil prices rose early on Monday, with Brent hitting its highest level since November, driven up by a decline in US drilling activity and ongoing supply cuts led by producer club OPEC.

Brent crude futures were at a November 2018 high of $72.58 per barrel at 0028 GMT, up 0.8 percent from their last close. US West Texas Intermediate (WTI) crude futures were at $64.55 per barrel, up 0.9 percent from their previous settlement.

“The path of least resistance remains higher (for oil prices),” said Stephen Innes, head of trading at SPI Asset Management, pointing to Saudi supply cuts, a decline in the US rig count and supply disruptions from Libya to Venezuela as reasons for a tight market. Read More

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