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Monday, 1 May 2017

Oil slips below $52 as U.S. drilling, China worries weigh | Reuters

Oil slips below $52 as U.S. drilling, China worries weigh | Reuters:

"Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut.

U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output C-OUT-T-EIA in the United States has hit its highest since August 2015, government data shows.

"The U.S. rig count indicates that there is plenty more to come," analysts at JBC Energy said in a report, referring to the outlook for U.S. production."



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