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Oil prices rise again after Saudi energy minister’s remarks

19 June 2017 [15:41] - TODAY.AZ

By  Trend

World oil prices are rising again on June 19 after the optimistic remarks made today by Saudi Arabia’s Energy Minister Khalid al-Falih.

The price for August futures of Brent crude oil has increased by 0.06 percent to $47.40 per barrel as of 09:29 (GMT +4).

Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 0.04 percent and stood at $44.76 per barrel.

Saudi Energy Minister Khalid al-Falih said that the oil market is heading in the right direction, Reuters reported.

Current expectations indicate the market will rebalance in the fourth quarter of this year, taking into account an increase in shale oil production, he added.

Earlier today, the world oil prices dropped due to the increasing number of drilling rigs in the US.

The US Baker Hughes company said that the number of drilling rigs in the US has increased to 933, which dragged the oil prices down.


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