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Oil grows due to less of new US rigs, prospects of continued production cuts by Saudis

Prices for oil today moved upwards, following 2% fall at the end of last week, as less new rigs appear in the US and Saudi Arabia is expected to go on limiting its oil production to prop up the market.

At the same time, oil producers, ports, refineries in the South-East of the United States, which closed operations awaiting the arrival of Hurricane Nate, were ready to restart at the beginning of this week considering that the storm passed by, leaving energy facilities in these states unaffected.

American West Texas Intermediate crude futures for the upcoming month rose 0.3% attaining $49.44 for a barrel this morning.

Brent crude futures, the global gauge for prices of oil, grew by 0.3%, climbing to $55.79 per barrel.Last week’s end was marked by 2% slump in oil prices, and WTI dropped below $50 for a barrel, given that worries of overproduction revived.

News of US oil rigs reduction which thus limits production growth kept prices from falling.


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