Nymex’s crude oil price rose 0.4% to US$64.25 per barrel on Wednesday (Jan. 17) ahead of the release of U.S. petroleum data that was expected to show a ninth straight weekly drawdown in crude inventories, Reuters reported. As oil price is increasing and recovering, oil and gas producers begin to think about investing in exploration activity for oil and gas, aiming to boost the oil reserves. The investment in oil and gas exploration declined since 2014 due to falling world oil price.
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