Crude oil prices hike: slow but steady
After the decline in the number of oil rigs in the US, crude oil prices showed gains, although sluggish. Thus, as of April 2, June futures contract for Brent Crude Oil traded at $69.75 per barrel, and came close to $70.00 per barrel. The number of oil rigs in the U.S. declined for the second time in the past 10 weeks, according to oilfield services company Baker Hughes, a GE Company (BHGE) data. The oil rig count in the country fell by seven for the week, which also contributed to prices hike for black gold. At the beginning of the year, a number of oil market experts predicted that oil prices would fall to the level of $50-60 per barrel. Optimistic analysts, by contrast, predicted that the upward trend in prices at the end of 2017 would continue in 2018. They predicted a price increase of up to $70 per barrel or more. The real picture did not confirm the forecasts neither those nor others. At the first quarter, the “black gold” was traded differently directed and only at the beginning of the second quarter the oil prices started to increase. Crude oil gains in price, although moderate.
