Reuters reported in Singapore on April 22 that oil prices rose early Monday, with Brent crude oil futures reaching their highest level since November last year, driven by a decline in U.S. drilling activity and continued OPEC production cuts.
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At 00:28 GMT, Brent crude oil futures reached a high of $72.58 a barrel, up 0.8% from its last close in November 2018.
West Texas Intermediate Crude Oil (WTI) futures were trading at $64.55 a barrel, up 0.9% from the previous settlement price.
Stephen Innes, head of trading at SPI Asset Management, said, “The path with the least resistance is still high (oil prices are rising), pointing out that the tight market is caused by the decline in Saudi Arabia’s supply, the decline in the number of American drilling wells and the disruption of Libya’s supply to Venezuela.
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In its weekly report Thursday, General Electric’s Baker Hughes Energy Services said U.S. energy companies last week reduced the number of oil rigs by two to 825.
Outside the United States, the Organization of Petroleum Exporting Countries (OPEC) has been taking the lead in reducing oil supply since the beginning of this year in order to tighten the global oil market and boost crude oil prices.
Brent crude oil prices rose by more than a third in 2019, while West Texas intermediate crude oil prices rose by more than 40% over the same period.
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