1. Most Discussed
  2. Gainers & Losers

News: Brent oil price heads north as U.S. rig count plummets

  1. Oil prices may have turned a corner as Brent crude moved convincingly above the significant US$50 per barrel marker as the commodity attracted new buyers.

    The North Sea benchmark stands at US$54.03 - 1.96% ahead - at the time of writing.

    In the futures market, on ICE,  brent for March delivery was at US53.60 per barrel - 1.138% higher.

    It comes as traders appear to be sidelining news that oil workers in the US yesterday at nine refineries went on strike in an effort to pressure oil firms for a new contract.

    The BBC has reported it is the first strike of its kind in 35 years.

    Meanwhile after some time delay, oil exploration in the Falklands was back on the news agenda on Monday, as a rig is now journeying to the islands to begin a drilling campaign in March.

    It comes despite the falling oil price environment.

    Small caps Rockhopper (LON:RKH) and Falkland Oil and Gas (LON:FOGL) are involved in the campaign and both saw shares surge on the news. Rockhopper rose 12.56% and FOGL added almost 18%.

    The drilling also involves Premier Oil (LON:PMO), which rose almost 11% on the news.

    Today's oil price rise also comes as new data out showed a big fall in the number of US rigs in use exploring for oil and gas.

    The oil rig count has dropped to the lowest level since the beginning of 2012 pointing to future lower supplies, which caused an uplift in the price.


Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.