Oil prices remain bullish despite rising rigs in US

Oil Prices took a breather during the Friday, putting forth questions about the longevity of sustainability of the increasing oil prices. Analysts bullish about the oil prices point towards the fundamentals and rising investments for oil investors.           

Oil prices remained just below December 2014 highs on Monday, supporting by the ongoing cuts led by OPEC and Russia despite a rise in the US Inventories.

Brent crude futures, the international benchmark for oil prices, were at $69.85 per barrel at 0412 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $64.40 a barrel, down 10 cents.

Oil markets have been well supported by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia which are aimed at propping up crude prices. Despite the sharp price rises since December, some analysts have been warning of a downward correction.

U.S. energy companies added 10 oil rigs in the week to Jan. 12, taking the number to 752, energy servicing firm Baker Hughes said on Friday.

Posted on: 2018-01-15T12:23:00+05:00