Friday, September 24, 2021

Oil price rises towards $70 on reduced U.S. drilling activity, booming job market

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Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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Oil markets climbed on Monday on the back of a drop in the number of United States rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.

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Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 percent, from their previous close.

“A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities.

The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

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In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months RIG-OL-USA-BHI, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said on Friday.

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(Reuters/NAN)

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