20 Mar 2015
Oil gains ahead of the Rig count report in the US
FXStreet (Mumbai) - Oil prices rallied ahead of the latest report on oil drilling activity in the US on the back of a broad based weakness seen in the US dollar.
WTI Crude for April delivery gained 4.1% to USD 45.75/barrel, while Brent rose 1.4% to USD 55.18/barrel. The investors will be eyeing for the latest rig count data released by oil-field-services firm Baker Hughes Inc. Analysts are expecting a drop in the rig counts, which is supportive for Crude prices.
Markets in the recent months, have started focusing on the number of oil drilling rigs in the US, which have gone down by 40% since the start of the year.
WTI Crude for April delivery gained 4.1% to USD 45.75/barrel, while Brent rose 1.4% to USD 55.18/barrel. The investors will be eyeing for the latest rig count data released by oil-field-services firm Baker Hughes Inc. Analysts are expecting a drop in the rig counts, which is supportive for Crude prices.
Markets in the recent months, have started focusing on the number of oil drilling rigs in the US, which have gone down by 40% since the start of the year.