Crude Slips Below $53 as U.S. Drilling Surge Stokes Output Fears - Bloomberg

Crude Slips Below $53 as U.S. Drilling Surge Stokes Output Fears - Bloomberg:

"Oil declined below $53 a barrel as the U.S. continued to ramp-up drilling, stoking fears the nation’s surge in output this year will counter OPEC-led efforts to cut a global supply surplus.

Futures fell as much as 1 percent in New York, paring last week’s 1.8 percent advance. U.S. explorers added 11 rigs last week, capping the longest stretch of gains since 2011, according to Baker Hughes Inc. data. Prices fell even after Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said the global oil market is moving closer to balance despite the U.S. shale boom."



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