By Sara Israfilbayova
Crude prices continue to rise on Tuesday, as investors are waiting for the release of statistics on oil stocks in the U.S. last week, while traders continue to assess the data on the dynamics of drilling rigs in the country.
U.S. West Texas Intermediate (WTI) crude futures were at $62.16 a barrel, up 0.7 percent, while Brent crude futures, the international benchmark for oil prices, were at $68.14 a barrel, up 0.53 percent, RIA Novosti reported.
Investors are expecting data from the American Petroleum Institute (API) and the country’s Energy Department on the dynamics of the reserves of “black gold” in the U.S. last week. Analysts expect the figure to drop 4.1 million barrels, to 420.4 million barrels.
Market participants also continue to win back statistics on the number of drilling rigs in the U.S. over the past week. According to Baker Hughes, a GE Company (BHGE), following the January 5 working week, the number of drilling rigs in the country fell by 5, or by 0.5 percent, to 924 units. The number of gas producing units did not change, remaining at the level of 182 units. The number of oil drilling rigs fell by five pieces, or 0.7 percent, to 742 units.
Meanwhile, Azerbaijan presented data on its daily oil production in December 2017 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
The Azerbaijani Energy Ministry reported that daily oil production stood at 810,000 barrels in December, of which 755,100 barrels accounted for crude oil and 54,900 barrels for condensate.
So, 649,400 barrels of crude oil, 54,900 barrels of condensate and 20,100 barrels of oil products were exported per day.
Azerbaijan produced 793,900 barrels of oil per day in January, 776,400 barrels of oil per day in February, 733,300 barrels of oil per day in March, 781,100 barrels of oil per day in April, 785,300 barrels of oil per day in May, 793,700 barrels of oil per day in June, 796,700 barrels of oil per day in July, 734,800 barrels of oil per day in August, 785,700 barrels of oil per day in September, 800.600 barrels of oil per day in October and 790.700 barrels of oil per day in November, said the ministry.
In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day. In December 2016 was a meeting of oil producers outside the OPEC. Following the meeting, was signed an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
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