Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts - Bloomberg

Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts - Bloomberg:

"Oil fell as U.S. drilling continued to rise, undermining the potential for even an extended OPEC output-reduction deal to rebalance the market.

Futures lost as much as 1.6 percent in New York after gaining 0.6 percent last week. Producers added more oil rigs to U.S. fields, extending a drilling surge into a 10th month, Baker Hughes Inc. said on Friday. Saudi Arabia is ready to extend cuts if supplies stay above the five-year average, Energy Minister Khalid Al-Falih said in an interview on Bloomberg Television last week."



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