Oil prices rise more than 2 percent at the start of Friday’s session, supported by expectations that the Organization of Petroleum Exporting Countries and allies (OPEC+) will not increase supply, as previously planned.
As the session progressed, oil trimmed some gains following the release of data from oil services firm Baker Hughes, which showed that the drillers of USA added crude rigs for a record 23 months in a row, promising more supply in the future.
According to data from Baker Hughes, The number of gas drilling rigs in the United States increased by 2 to 157 in the week to July 29, while oil-directed drilling rigs increased by 6 to 605, it reported. Archyde.com.
Prices of a barrel of Brent and Texas oil today, July 29: how much does it cost and how much is it quoted?
This Friday, at 1:39 pm ET, Brent futures are trading at $109.96 per barrel with a rise of 2.63% or $2.82 dollars. Secondly, US West Texas Intermediate (WTI) crude was up $2.33, or 2.42%, trading at $98.75.according to OilPrice.com, a renowned website that has more than 150 oil indices and mixtures worldwide.
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Both contracts are headed for a weekly rise, but are also on track for a second monthly losswith Brent down 4% in July and WTI down 6%.
Meanwhile, investors will be keeping an eye on OPEC’s next August 3 meeting. According to Archyde.comSome OPEC+ sources said the group will consider keeping oil output unchanged for September, while two others said a modest increase would be discussed.
At the moment, a difficult future is seen in terms of increasing production, as some producing countries are struggling to meet their own production quotas.
