Crude oil prices started the new week with declines after US manufacturers increased the number of oil platforms last week. They have risen by 2 to 749, which is the highest since September, and are close to the 2015 highs. The European benchmark Brent oil declined by 0.41% to 63.47 USD per barrel and the US light WTI crude recorded a decline of 0.63% to 57.99 USD per barrel.
Last week, the Brent rose 0.4% and WTI fell by 1%. In November, the two oil varieties grew by 3.5% and 5.5% respectively.
One year ago, the active oil platforms in the US were 477, but rose sharply as companies increased their spending in 2017. The US oil producers also found support in prices that began to recover from the long-lasting collapse as OPEC and others leading manufacturers have started limiting yields. The oil cartel agreed last week that these cuts would continue until the end of 2018.
The scale of US production growth and the strength of global oil demand in 2018 remain the main sources of uncertainty. OPEC (or, rather, Saudi Arabia) will increasingly work towards market leadership, according to the analysts.
The growing US mining undermines OPEC efforts and oil platforms are rising for the second consecutive week. In September, the US production grew to 9.5 million barrels per day, which is the largest monthly volume since April 2015.