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Oil prices jumble: Brent dips, while WTI stays afloat

Oil prices are mixed on Monday after Saudi Arabia reported that it is necessary to maintain the OPEC-based current supply cuts, and also because the U.S. will not impose tariffs on Mexican goods, which alleviated concerns about a slowdown in the global economy.

oil prices mixed 1006Photo: Pixabay

The oilfield service company Baker Hughes has calculated that the number of operating oil and gas drilling rigs in the world in May grew for the first time in 3 months by 2 percent to 2182 against 2140 in April. Regarding May 2018, this is more by 86 installations. Baker Hughes also notes that from June 7, the company will include data from Ukraine in its calculations.

Against the background of a weakening of drilling activity in the US, as well as signals that OPEC+ countries are ready to extend the agreement on limiting production for the second half of the year, oil prices are slightly mixed.

Futures for Brent crude for August delivery went down by 0.14 percent to $63.20 a barrel at 12.52 GMT, while WTI crude oil for July delivery advanced 0.37 percent to $54.20 a barrel.

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