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Crude Oil Ends Friday with Big Gains

February 1, 2019 at 21:26 by Vladimir Vyun

Prices for crude oil rallied strongly today. Market analysts named several factors probably responsible for the rally. Most experts pointed at the US sanctions against Venezuela as the major reason for the gains of crude. Another one was the sharp drop of output from the Organization of Petroleum Exporting Countries. Some analysts speculated that the strong employment growth and the expansion of the manufacturing sector in the United States also contributed to the rally of oil prices.

The oil rigs count from Baker Hughes likely contributed to the rising prices as well. The agency reported that US drillers reduced the number of oil rigs by 15 this week. The decline offset the previous week’s increase of 10.

Futures for delivery of WTI crude oil in March rallied 2.88% to $55.34 per barrel on NYMEX today. April contract for delivery of Brent crude climbed as much as 3.27% to $62.83 per barrel on ICE.

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