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Monday, 24 April 2017

Oil Falls Sixth Day as U.S. Rig Count Gain Seen Boosting Output - Bloomberg

Oil Falls Sixth Day as U.S. Rig Count Gain Seen Boosting Output - Bloomberg:

"Oil fell a sixth day as the ramp-up of U.S. drilling signaled further production gains in the world’s biggest crude-consuming nation.

Futures extended last week’s 6.7 percent decline in New York. U.S. explorers added 5 rigs last week to cap the longest stretch of gains since 2011, Baker Hughes Inc. data show. An OPEC committee concluded that a six-month renewal of an output-cut deal is needed, delegates with knowledge of the matter said. Money managers boosted wagers that U.S. oil futures would increase in the week to April 18, government data showed. Oil rose earlier along with global equities while the dollar weakened after the first round of the French presidential election."



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