Weekly Letter 20.11.2017

U.S. energy companies added nine oil drilling rigs last week, the second increase in three weeks, bringing the total count up to 738, General Electric Co’s Baker Hughes energy services firm said in its closely followed report. Expectations that OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow. Another factor supporting prices was strong demand in southeast Asia, where the number of tankers holding oil in storage around Singapore and Malaysia has halved since June.

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2017-11-27T10:41:14+02:0020/11/2017|World News|