Very usefull links


News links




Dow Jones

Oil price



Views and News





Oil prices rise Monday on reduced U.S. drilling activity, booming job market

By Henning Gloystein

Petroleumworld 03 12 2018

Oil markets climbed on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.

U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3 percent.

Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close.

A falling rig count and the strong employment data may have helped support prices, said William O'Loughlin, investment analyst at Rivkin Securities.

The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months RIG-OL-USA-BHI, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

Despite the lower rig count, which is an early indicator of future output, activity remains much higher than a year ago when, when just 617 rigs were active, and most analysts expect U.S. crude oil production C-OUT-T-EIA, which has already risen by over a fifth since mid-2016, to 10.37 million barrels per day (bpd), to rise further.

That's more than top exporter Saudi Arabia producers and almost as much as Russia pumps out, at nearly 11 million bpd.

Story by Henning Gloystein; Editing by Joseph Radford from Reuters. 03 12 2018 01:11 GMT

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels




Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.