Oil trades in the green after Baker Hughes report

Thursday, 18. April 2019 20:29

Crude prices traded in the green on Thursday as investors digested the latest Baker Hughes report that showed that the number of oil rigs in the United States declined by 8 for this week. Yesterday, the Energy Information Administration (EIA) reported that the American crude stockpiles for last week fell by 1.4 million barrels, providing further support for the rising oil values.

OPEC+ efforts to continuously implement the production cap measures also boosted investment incentives in the crude market. Meanwhile, it was reported earlier that Saudi Arabia's oil exports declined to 7 million barrels per day in February.

West Texas Intermediate for May delivery gained 0.28%, changing hands for $63.94 per barrel at 2:13 pm ET while the international benchmark Brent for settlements in June added 0.42% to go for $71.95 per barrel at 2:18 pm ET.

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