Oil continues to rise globally!

Oil prices rose, and Brent crude futures rose by 2.1%, to settle at $76.85 a barrel, the highest level at the close since last November 26, and West Texas Intermediate crude futures rose by 1.4 percent to close at $73.79 a barrel at the settlement.

India’s oil imports riseIndia’s oil imports jumped last November to their highest level in ten months, as refiners prepared to increase production in anticipation of rising demand in the country, the third largest consumer and importer of oil in the world.

India’s oil imports rose last month by 7.5% compared to October, and increased by 0.5% compared to a year ago to 18.37 million tons.

The share of Middle East oil in total Indian imports rose to a 16-month high last November, with refiners reluctance to use the higher-priced Brent crudes coming from further afield.

The number of rigs in America

The number of oil and natural gas rigs operating in the United States rose last week to its highest level since April 2020, according to data from Baker Hughes Energy Services.

The total number of rigs now stands at 586, which predicts an increase in production in the coming months.

However, analysts indicated that oil production is still expected to decline in 2021 as energy companies continue to focus more on returning funds to investors rather than increasing production.

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