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Brent falls below $70 as U.S. oil rig count jumps

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 29 Jan 2018 08:39 GMT

The weekly oil rig count from Baker Hughes on Friday showed an addition of active oil rigs of 12 last week to 759 - the biggest weekly increase since March 2017. U.S. oil production is heading towards 10 mio. barrels per day this year, according to various analysts. Recently, Canadian shale oil production is also on the rise. Canada produces around 4.2 mio. barrels per day, of which around 335,000 barrels per day originate from shale oil.

Demand for oil remains strong as growth outlook is recovering for Europe and the U.S. and current oil production cut deal between OPEC and a row of non-OPEC oil producers contribute to current oil price levels. Several of the parties in the deal stated over the last week that they could continue the cooperation beyond 2018 where the current deal will expire.

Turning to economic data, today sees Spanish GDP and U.S. personal spending. One of the week's main events will be the U.S. central bank statement and interest rate decision on Wednesday where volatility in the financial markets could spill over to the oil markets.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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After touching $71.2 yesterday, Brent is currently trading just above $70
A/S Global Risk Management Ltd.

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