REUTERS
Oil prices swung upwards in early trading on Monday, with Brent prices rising by 0.02% to $65.38 per barrel on news of lower U.S. reserves and a slight dip in production, Reuters has reported.
Along with the rise in July futures for Brent crude, July futures for the U.S. benchmark WTI grade were up by 0.10% to $59.78 per barrel.
According to the U.S. oil company Baker Hughes, the number of drilling rigs in the country has decreased over a week by 3, or by 0.3%, to 885. In annual terms, the drop remains at 52%.
The number of operating drilling rigs engaged in oil extraction declined by one, to 659, while the number of gas drilling rigs also decreased by one, to 222. The reduction in the number of drilling rigs in the United States has slowed for the first time since November 2014.
According to the Energy Information Administration of the U.S. Department of Energy, commercial oil reserves in the country (excluding strategic reserves) dropped by 2.7 million barrels to 482.2 million barrels over the week ending on May 15. Analysts forecast a decline of 1.029 million barrels.