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The number of rigs operating in U.S. fields has more than doubled in the past year, balancing the market

siliconreview The number of rigs operating in U.S. fields has more than doubled in the past year, balancing the market

The oil market is moving back to the balanced state after long period of oversupply that crushed markets.  According to the analysts, there is a finite chance for rise in the oil prices. Analysts said much of the recent trading has been based on technicals, or buying and selling based on crude's moves above and below certain price levels. Meanwhile, the physical market — which measures the actual number of barrels around the world — is moving back toward balance after a long period of oversupply that crushed prices, they said. In this second half it is expected to increase although the crude oil prices fell about 14 percent this year through Friday's close. This is what Stephen Schork, editor of The Schork Report says about the changing business platform “Oil prices can still move lower, but there is key technical support for oil futures between $37 and $41 a barrel”. According to the reviews there was a hike of $47 a barrel on Monday. This is such reassuring news for the marketers around the globe, especially in US. A major storage center for crude stockpiles in the United States is located in Cushing Oklahoma. The global strategic petroleum reserves have stockpiles around the world, including several locations in the U.S., for use during an energy crisis. The prices are expected to increase as the world consumes more oil in the second half of the year than the first, says reports.