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

13-3-2017 In-Cyprus In-Cyprus Cool

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

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...

Trending Cyprus News

Police launch motorbike clampdown
A nationwide police campaign targeting motorbikes and scooters will begin on Monday 18th June and will last until Sunday 24th June according to a...
Little sign of urgency over plastic bag charge
A law introducing charges for plastic bags is just a few weeks away from coming into force on July 1, but environmentalists complain far too...
Rain and storms moving in
Rain and storms are forecast for the next three days. Initially the weather will be only partly cloudy on Monday morning, but more clouds will...
Bill would allow former sex offenders to drive taxis
A bill put before the House legal affairs committee on Monday may allow sex offenders, child molesters and murderers to receive or renew...
Reports: BA Cyprus-bound passengers scream in terror...
Cyprus-bound passengers screamed in terror after an equipment malfunction caused cabin pressure to suddenly skyrocket inside the aircraft as they...
Yellow alert at Larnaca airport ends without incident
A yellow alert called at Larnaca Airport on Sunday afternoon after suspicious items were discovered on an airplane has ended without incident, the...
Support of EU to be asked because of drought
The support of the EU will be sought to find ways and means to help farmers in Cyprus who are struggling with water shortages to prevent them...
House poised to pass bill to sweeten sale of debtors’ homes
MPs of the ruling Disy party sounded upbeat on Monday that a series of bills granting tax relief to bank debtors would make it...