Crude Oil Prices on the Rise?
Posted on: 03/02/2015

Speculation amongst investors has intensified concerning the possibility that the recent decline of crude oil prices may finally have bottomed out and stabilised following months of uncertainty.

The price of Brent crude oil was up 1.3% at $53.65 a barrel, reaching a high of $55 and US oil also increased by 1.7% to $48.52. This followed the acknowledgement that leasing of UK oil rigs was slowing, signalling that producers were preparing to reduce output. Recent reports show that on the previous Friday a total of 90 US oil rigs were stationary, the highest number be out of action in a single day in over 30 years.

With an evident slow down in production, the price of oil experienced a boost on Monday, acting as a marginal catalyst for oil and gas company share prices. Tullow Oil rallied almost 7% and BG Group experiencing a 5% rise; a positive indicator which some financial and market analysts are calling “the foundation for a steady price recovery in the second half of the year”.

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