The Traderszone Network

Published in TZ Latest News 19 April, 2015 by The TZ Newswire Staff

Oil extends gains on lower U.S. rig count, Chinese stimulus

Oil prices rose on Monday, extending last week’s gains as a drop in the number of U.S. rigs drilling for crude pointed to lower supply later in the year, while China’s latest stimulus measure also underpinned the market. While the drop slowed, suggesting the collapse in drilling could be coming to an end, Schlumberger Ltd (SLB.N), the world’s largest oilfield services company, said an eventual recovery in U.S. oil drilling activity may never reach last year’s frenzied pace. Brent crude (CLOc1) was up 70 cents at $64.15 a barrel by 0532 GMT.

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