Oil edges lower as Saudi crude exports fall, U.S. cuts drill rigs | Reuters

Oil edges lower as Saudi crude exports fall, U.S. cuts drill rigs | Reuters:



"Oil prices edged lower on Monday as data showed Saudi Arabian exports fell to the lowest in five months despite record output, while a resurgence in U.S. drilling activity seen earlier this month seemed to fizzle out.



Both international and U.S. crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer.



Brent September crude was 14 cents lower at $56.96 a barrel by 0708 GMT. The benchmark fell nearly 3 percent last week and more than 10 percent for the month."



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