Oil prices kept rising as the US market opened on Friday to continue its seventh straight day of gains, the longest daily gain since September 2016, near a two-week high on its way to its first weekly gain since mid-May, After prices found support from a significant decline in US oil production, and traders are looking for data on drilling and drilling platforms in the United States later in the day.
By 12:05 GMT, US crude was up $ 45.20 a barrel from the opening level of $ 44.87, recording a high of $ 45.39 and a low of $ 44.87.
Brent crude rose to $ 47.90 a barrel from the opening level of $ 47.52, recording a high of $ 48.14 and a low of $ 47.33.
US crude finished up 0.1 percent, its sixth consecutive daily gain, and Brent crude futures for August contracts rose 0.2 percent, hitting a two-week high of $ 48.24 a barrel.
Over the course of the week, oil prices rose by about 5 percent on their way to their first weekly gain since mid-May, with relative concerns over supply overshadowed in the United States, especially after the sharp drop in oil production in the country.
The US Energy Information Administration announced on Wednesday that the country's oil production fell by 100,000 barrels per day, the largest daily drop since early July 2016, to a total of 9.25 million barrels per day, the lowest level of US production in about two months.
Meanwhile, UAE Energy Minister Suhail Al Mazrouei said on Thursday that the increase in global demand during the second half of this year will help rebalance the market.
Sources in Libya said oil production in the country increased this week to more than one million barrels per day, an increase of 100,000 barrels from the average production last week, and the National Oil Company expected oil production in the country to one million barrels per day by the end of July.
The Goldman Sachs Group said this week that OPEC and independent producers needed deeper supply cuts to rebalance the market, especially after the production boom in Libya and Nigeria.
The Baker Hughes Oil Services Company announced today the number of drilling and drilling platforms operating in the US rocky fields, amid expectations of platform height for week 24 of the week respectively, with total platforms currently at 758 platforms, higher since April 2015 .
Oil prices kept rising as the US market opened and it will keep on that rise as we don't see any reason that stop it.
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