Oil prices fall to three-month low as U.S. rig count climbs

Click For Larger Image & Read More
Oil prices fall to three-month low as U.S. rig...
 © In-Cyprus 2018
Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs.

Brent crude was down 11 cents, or 0.21 percent, at $51.26 per barrel by 0755 GMT, its lowest since Nov. 30. It closed the previous session down 1.6 percent at $51.37.

U.S. West Texas Intermediate crude (WTI) declined 19 cents, or 0.39 percent, to $48.30 a barrel, also the lowest since Nov. 30.

Brent crude is set to drop for a fifth day, its biggest losing streak since a six-day slump that ended on Nov. 4. During this streak, the price has slumped 8.5 percent, its worst performance since the middle of June 2016.

WTI is set to decline for a sixth day, during which is has dropped 9.3 percent.

The slump in prices has occurred as more rigs are deployed to look for oil in the United States and as crude inventories in the U.S., the world’s biggest oil consumer, have surged to a record.

U.S. drillers...


Oil prices fall to three-month low as U.S. rig count climbs


The contents of this article including any associated images are © In-Cyprus 2018
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

Advertise Here

Trending Cyprus News

Article Tags: prices, three, month, count, climbs,

 

Advertise Here

24hr News