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International Oil Prices Rose On May 5th, $ 46.22 A Barrel For US Oil
May 08, 2017

International oil prices closed up on May 5th. The media reported at that day Saudi Arabian oil officials said the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers were close to reaching agreement on continuing to extend the cut-off agreement reached at the end of last year. The news boosted market confidence.

Regarding the data, US Oilfield Technical Services Company Baker Hughes released data on May 5th, which showed that the number of oilfield drilling operated in the United States rose for the 16th consecutive week. And it indicated that US shale oil producers continued to increase production.

By the end of the 5th closing day, the New York Mercantile Exchange   The futures price of light crude oil delivering in June rose by $ 0.70and closed at $ 46.22 a barrel with an increase of 1.5%. The futures price of London Brent crude oil delivering in July rose by $ 0.72 and closed at $ 49.10 a barrel with an increase of 1.5%.

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