Brent rallies as US rigs decline

Caitlin Morrison
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A DROP in the number of US oil drilling rigs has given the oil market a slight boost, with the Brent crude increasing by 3.1 per cent yesterday.

The benchmark price moved up to as high as $59 a barrel.

Analysts at Numis also pointed to strikes at US plants with a combined 10 per cent of the country’s refining capacity as another boon to prices.

Data showed that the number of US drilling rigs has fallen the most in a week in nearly 30 years last week.