Sunday February 23, 2020

Oil price extends gains above $36

US production slid to its lowest level since November 2014 last week

7th March, 2016
US drillers have cut the number of active rigs to the least in more than six years Pic: Pixabay

Futures rose as much as 2.2 per cent in New York and crude in London climbed for a sixth day, the longest rally since November. Rigs targeting oil fell by 8 to 392, declining for an 11th week to the lowest level since December 2009, according to Baker Hughes. Hedge funds unwound bearish bets at the fastest pace in 10 months, US Commodity Futures Trading Commission data showed, as the prospect of prices sinking to $20 faded.

“We’re starting to see...

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