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- Brent crude traded higher, while WTI crude oil declined
Brent crude traded higher, while WTI crude oil declined
Brent crude traded higher on concerns over a disruption to oil supplies support due to fights in Yemen, while WTI crude oil declined.
Saudi Arabia continued airstrikes against the Iran-allied Houthi rebels in Yemen.
Analysts expect that the U.S. oil production will decline. The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 31 rigs to 703 last week, the lowest weekly level since October 2010. Combined oil and gas rigs fell by 22 to 932, the lowest level since July 2009.
WTI crude oil for June delivery declined to $56.71 a barrel on the New York Mercantile Exchange. Brent crude oil for June rose to $65.31 a barrel on ICE Futures Europe.
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