• Oil is trading lower

Market news

13 February 2017

Oil is trading lower

This morning, the New York futures for Brent fell 0.78% to $ 56.26 and WTI fell 0.84% ​​to $ 53.42. Recall OPEC members and Russia agreed to reduce production by about 1.8 million barrels per day in order to restore balance in the global supply. Russia in January has reduced production to 11.11 million bpd from 11.21 million bpd in December 2016.

At the same time, drilling rigs in the US rose by 8 to 591 units, Baker Hughes data. This is the highest since October 2015.

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