Key facts
- US oil drilling activity has expanded for six consecutive weeks.
- The number of active US oil rigs increased by two to 431.
- Crude futures have surged 35% since late February.
- Average crude futures prices are near $98 per barrel.
US oil drilling activity has grown for six weeks straight, reaching 431 active rigs, a two-rig increase. This expansion is fueled by a significant 35% rise in crude futures since late February, with prices averaging close to $98 per barrel. Meanwhile, India has again raised domestic cooking gas (LPG) prices by Rs 29 per cylinder, now costing Rs 942 in Delhi. This second increase since the US-Iran conflict began is attributed to rising import costs, with estimated supply expenses ranging from Rs 1,600 to Rs 1,700.
US oil drilling activity has seen a continuous expansion for six consecutive weeks, with the number of active oil rigs increasing by two to a total of 431. This sustained growth in drilling operations is directly linked to a substantial surge in crude futures, which have risen by 35% since late February. The average price for crude futures has hovered near $98 per barrel during this period.
In parallel, India has implemented another increase in its domestic cooking gas (LPG) prices. The price per 14.2-kg cylinder has gone up by Rs 29, bringing the new retail price in Delhi to Rs 942. This marks the second price adjustment for LPG since the commencement of the US-Iran conflict. The rising costs are attributed to increased import expenses, with current estimated supply costs for LPG falling between Rs 1,600 and Rs 1,700 per cylinder.
US oil drilling activity has seen a continuous expansion for six consecutive weeks, with the number of active oil rigs increasing by two to a total of 431. This sustained growth in drilling operations is directly linked to a substantial surge in crude futures, which have risen by 35% since late February. The average price for crude futures has hovered near $98 per barrel during this period.