Oil Rate Dropped After Failed Attempt in Korean Missile Test

Following the Easter holiday this weekend and the benchmark increased for three successive weeks, the crude oil dropped on Monday which induces the U.S. to increase its production output but against the OPEC cut its output. This was mainly due to the failed missile launch of North Korea on Sunday.

The benchmark rate declined by 56 cents then it rose by 3 cents at $55.89 per barrel before the market closing prior to the holiday while an additional of 11 oil rigs were established with a now a total of 683 which is the highest in almost two years. Overall, the market trading was tranquil at the start of the week with the London being the center of trading closed for holidays.