Oil prices rising after sharp decline on Apr. 21

By Leman Zeynalova – Trend:

Oil prices are rising on Apr. 24 after the sharp decline of around 2 percent on Apr. 21.

The price for June futures of Brent crude oil has increased by 0.58 percent to $52.26 per barrel as of 06:05 (GMT +4).

Meanwhile, the price for June futures of West Texas Intermediate (WTI) has grown by 0.58 percent and stood at $49.91 per barrel.

Oil prices dropped on Apr. 21 amid the report of the US Baker Hughes company about the growing number of drilling rigs in the country. The number of drilling rigs in the US has increased by 1.18 percent and stood at 857 over the working week ending Apr. 21, according to the report. This figure has increased by 98.8 percent per annum.

Baker Hughes estimates that during the reporting period, the US saw a 0.73 percent increase in the number of oil drilling rigs, while the number of gas drilling rigs has increased by 3.08 percent.

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