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Ahead of OPEC Meeting, Oil Prices Gain Despite New U.S. Rigs
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Oil prices rose more than 2% on Friday ahead of a weekend meeting between some of the world’s top oil producers. The meeting, which will include members of OPEC and other countries like Russia, is expected to establish a system for verifying compliance with the oil cartel’s recent deal to cut output by 1.8 million barrels per day.
Brent crude rose $1.31, or 2.46%, to $55.49 a barrel by 2:33 p.m. EST. West Texas Intermediate was up $1.02, or 1.99%, to $52.39 per barrel at that time.
These gains were limited by the news that U.S. producers are continuing to open new rigs. According to Baker Hughes , U.S. oil producers added 29 rigs over the past week; six gas rigs were also opened this week. This brings to overall rig count to 694.
The Permian Basin in West Texas continues to be a hotspot for American producers. 13 rigs were added in the region this past week, and major producers like ExxonMobil (XOM - Free Report) and Noble Energy have recently acquired land in the basin.
Despite the increase in U.S. production and investment, oil traders are optimistic about prices thanks to OPEC’s deal. This weekend’s meeting in Vienna is expected to be the final step in the cartel’s plan to cut production.
According to Reuters, Saudi Arabian Energy Minister Khalid al-Falih said that 1.5 million of the agreed-upon 1.8 million barrels of oil have been removed from the market this month.
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Ahead of OPEC Meeting, Oil Prices Gain Despite New U.S. Rigs
Oil prices rose more than 2% on Friday ahead of a weekend meeting between some of the world’s top oil producers. The meeting, which will include members of OPEC and other countries like Russia, is expected to establish a system for verifying compliance with the oil cartel’s recent deal to cut output by 1.8 million barrels per day.
Brent crude rose $1.31, or 2.46%, to $55.49 a barrel by 2:33 p.m. EST. West Texas Intermediate was up $1.02, or 1.99%, to $52.39 per barrel at that time.
These gains were limited by the news that U.S. producers are continuing to open new rigs. According to Baker Hughes , U.S. oil producers added 29 rigs over the past week; six gas rigs were also opened this week. This brings to overall rig count to 694.
The Permian Basin in West Texas continues to be a hotspot for American producers. 13 rigs were added in the region this past week, and major producers like ExxonMobil (XOM - Free Report) and Noble Energy have recently acquired land in the basin.
Despite the increase in U.S. production and investment, oil traders are optimistic about prices thanks to OPEC’s deal. This weekend’s meeting in Vienna is expected to be the final step in the cartel’s plan to cut production.
According to Reuters, Saudi Arabian Energy Minister Khalid al-Falih said that 1.5 million of the agreed-upon 1.8 million barrels of oil have been removed from the market this month.
Which Stocks are Zacks Experts Talking About?
Stocks in today's headlines may be tempting buys, but how would you like to peek behind the curtain to see all the best stocks Zacks' team of experts are recommending? Starting today, for the next month, you can follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF and options moves...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). Click here for all Zacks trades >>