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Oil prices rose
slightly on Monday as Saudi crude production unexpectedly fell in July while U.
S.
shale drilling appeared to be leveling off, leading to a slight increase in oil prices on Monday, Reuters reported on August 6 in Singapore.
Brent crude spot futures were trading at $73.
26 a barrel on Monday, up 5 cents
from the last close.
U.
S.
West Texas intermediate crude futures rose 12 cents, or 0.
2 percent
, to $68.
61 a barrel.
Last week, U.
S.
energy companies cut the number of
oil rigs for the second time (in the last three weeks) due to slowing growth.
Baker Hughes Energy Services said on Friday it cut two oil rigs this week, bringing the total number of oil rigs to 859 by Aug.
3
.
Outside the United States, Saudi Arabia's largest crude exporter produced about 10.
29 million barrels per day in July, down about 200,000 barrels
from a month earlier, two OPEC sources said on Friday.
Oil prices rose
slightly on Monday as Saudi crude production unexpectedly fell in July while U.
S.
shale drilling appeared to be leveling off, leading to a slight increase in oil prices on Monday, Reuters reported on August 6 in Singapore.
Brent crude spot futures were trading at $73.
26 a barrel on Monday, up 5 cents
from the last close.
U.
S.
West Texas intermediate crude futures rose 12 cents, or 0.
2 percent
, to $68.
61 a barrel.
Last week, U.
S.
energy companies cut the number of
oil rigs for the second time (in the last three weeks) due to slowing growth.
Baker Hughes Energy Services said on Friday it cut two oil rigs this week, bringing the total number of oil rigs to 859 by Aug.
3
.
Outside the United States, Saudi Arabia's largest crude exporter produced about 10.
29 million barrels per day in July, down about 200,000 barrels
from a month earlier, two OPEC sources said on Friday.
