Oil prices increase

Oil prices rose on news about the supply disruption in Nigeria due to a leak. The Baker Hughes data also supported oil prices. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 13 rigs to 400 last week. It was the lowest level since December 2009.

According to a Reuters survey, the Organization of the Petroleum Exporting Countries’ (OPEC) oil production fell in February due to the supply disruption from Iraq. OPEC’s oil output decreased to 32.37 million barrels per day (bpd) in February from 32.65 million in January.

WTI crude oil for April delivery increased to $33.56 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $35.92 a barrel on ICE Futures Europe.

The post Oil prices increase appeared first on forex-analytics.press.