TEMPO.CO, Jakarta - Global oil prices ended up dropping on Tuesday, April 18, 2017, following a long Easter holiday weekend.
U.S. oil drilling companies added the number of their oil rigs for the 13th week in a row, causing an overflow of supply. Which makes it the highest oil supply the country had in two years.
The report issued by Baker Hughes on Friday, April 14, 2017, shows that the number of oil rigs in the United States has increased to 683 rigs during the previous week, the highest since April 2015.
Analysts say that the oil production increase in the United States has diminished OPEC’s attempt in limiting the global oil production.
The West Texas Intermediate dropped US$ 0.53 for the shipment in May, resulting in US$ 52.65 per barrel at the New York Mercantile Exchange.
Meanwhile, the Brent North Sea oil dropped US$ 0.53 to US$ 55.36 per barrel at the London ICE Futures Exchange for the shipment in June.
ANTARA