Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.
Source: in.reuters.com
For the week to Feb. 8, U.S. oil companies added seven oil rigs according to a weekly report from energy services firm Baker Hughes. This addition is the second in three weeks bringing the total count to 854. This could further drive U.S. crude production that currently stands at a record 11.9 million bpd. The negative news development coupled with the shutdown of a large crude distillation unit in Illinois weighed on WTI crude futures which fell 41 cents to $52.31 per barrel.
