Oil prices drop on rising U.S. rig count | daily-sun.com

Oil prices drop on rising U.S. rig count

AFP     3rd June, 2017 08:43:56 printer

Oil prices drop on rising U.S. rig count

Oil prices settled lower Friday as the U.S. oil rig count rose again this week.

U.S.

oil production is still rising as rigs classified as drilling for oil are up 11 to 733 this week, according to data released by oilfield service company Baker Hughes on Friday. This marks the 20th consecutive week of U.S. rig count increase.

The West Texas Intermediate for July delivery lost 0.7 U.S. dollar to settle at 47.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery erased 0.68 dollar to close at 49.95 dollars a barrel on the London ICE Futures Exchange. 


Top