Oil Held Below $69 as Rising U.S. Drilling Counters OPEC Curbs - Bloomberg

Oil Held Below $69 as Rising U.S. Drilling Counters OPEC Curbs - Bloomberg:

"Oil held below $69 a barrel as signs American shale explorers are ramping up drilling activity sent jitters through a market that hoped OPEC’s commitment to further drain a global oversupply would prop up prices.

Futures in New York dropped as much as 0.4 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production."



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