You are here: Home » Reuters » News
Business Standard

Oil steadies as drilling increases in tight market

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied on Monday as an increase in U.S. drilling, likely to lead to higher shale production, balanced evidence of tightening supply.Benchmark Brent was up 40 cents at $77.51 a barrel by 0850 GMT. U.S. crude was down 30 cents at $73.50."Uncertainties abound when it comes to the oil balance for the remainder of the year," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. "Competing supply-side developments ensure that the oil price roller-coaster remains in full swing."U.S. energy companies last week increased the number ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, July 09 2018. 15:52 IST