Oil Prices Dip On Rising U.S. Rig Count

www.oann.com | 7/21/2014 | Staff
Mandyixus (Posted by) Level 3
SINGAPORE (Reuters) – Crude prices dipped early on Monday in Asia as U.S. drilling activity picked up and as Russia’s biggest oil producer pressured President Vladimir Putin to end the supply cut deal with Middle East-dominated producer club OPEC.

U.S. West Texas Intermediate (WTI) crude futures were at $52.44 per barrel at 0036 GMT, down 28 cents, or 0.5 percent, from their last settlement.

International - Brent - Crude - Oil - Futures

International Brent crude oil futures were down 10 cents, or 0.2 percent, at $62 a barrel.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.

Companies - Oil - Rigs - Week - Feb

Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million barrels per day (bpd).

Elsewhere, the head of Russian...
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