US oil prices extended their rally Monday on reduced concerns about high US oil storgage levels, while global prices were unchanged. Data provider Genscape Inc told clients that crude-oil stockpiles in Cushing rose by less than 500,000 barrels last week, a smaller increase than has been seen in recent months. The broker also said that Cushing stockpiles fell easing anxiety. US oil drilling rigs fell for a record 19th straight week to the lowest since 2010 according to Baker Hughes. The US Energy Information Administration will release official storage data tomorrow. Crude futures settled up $1.09 at $50.10 per barrel and Brent crude was down $2.08 at $57.90.
US oil prices extended their rally Monday on reduced concerns about high US oil storgage levels, while global prices were unchanged. Data provider Genscape Inc told clients that crude-oil stockpiles in Cushing rose by less than 500,000 barrels last week, a smaller increase than has been seen in recent months. The broker also said that Cushing stockpiles fell easing anxiety. US oil drilling rigs fell for a record 19th straight week to the lowest since 2010 according to Baker Hughes.The US Energy Information Administration will release official storage data tomorrow.CNCB 20-Apr-15