SINGAPORE (Reuters) – Oil prices fell on Monday, dragged down as U.S. oil drilling activity rose to its highest level since March, 2015, while increasing output in Russia also weighed on the market.
Analysts expect surging U.S. output to start offsetting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold production, which have been in place since 2017 and in the first half of this year pushed up prices significantly.
Crude - Futures - Benchmark - Oil - Prices
Brent crude futures , the international benchmark for oil prices, were at $76.37 per barrel at 0010 GMT, down 9 cents, or 0.1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2 percent, at $65.62 a barrel.
Prices - Rise - Number - Rigs - Oil
Prices were weighed down by another rise in the number of rigs drilling for new oil production in the United States, which crept up by one to reach its highest level since March, 2015 at 862, according to energy services firm Baker Hughes on Friday.
That implies that U.S. crude output, which is already at a record-high of 10.8 million barrels per day (bpd), will also rise further.
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