Oil falls on rise in US drilling, selling ahead of OPEC report
OPEC
Washington – Arab Today
Oil prices fell nearly one percent on Monday in response to growing evidence that U.S. production is rising and as some investors unwound positions ahead of OPEC's first report on compliance with its deal to cut production.
Global benchmark Brent crude futures were down 45 cents at $56.25 a barrel at 0947 GMT and touched a session low of $56.04 a barrel. West Texas Intermediate (WTI) crude futures were down 41 cents at $53.45 a barrel and traded as low as $53.86 earlier in the day.
"Bulls are liquidating ahead of the release of the monthly OPEC report due out shortly and yet another increase in U.S. rig counts is also playing part in the weakness," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.
U.S. oil drillers have added most drilling rigs since 2012 over the past month, bringing the total count to 591 rigs, the most since October 2015, Baker Hughes said in its weekly report.
This rise in U.S. activity comes just as some oil producers are reducing output to reverse global oversupply in a bid to prop up prices.--REUTERS
Source :NNA
- Friday ,07 September GMT 18:34 2018 Russia’s energy chief blames US trade war for current oil prices
GMT 07:04 2018 Monday ,22 October
Saudi Arabia has 'no intention' of 1973 oil embargo replayGMT 18:34 2018 Friday ,07 September
Russia’s energy chief blames US trade war for current oil pricesGMT 11:46 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancingGMT 12:50 2017 Wednesday ,27 December
Oil prices close at 2-1/2 year peakGMT 12:46 2017 Wednesday ,28 June
Oil pulls back on preliminary dataRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 10:08 2018 Wednesday ,24 January
US Senate confirms Jerome Powell as next Fed chairman
GMT 07:32 2018 Tuesday ,23 January
Oil spill disasters in the past 50 yearsGMT 14:45 2011 Friday ,30 September
Plutonium \'detected outside Fukushima plant\'GMT 06:38 2011 Friday ,03 June
Cyber attacks constant
GMT 09:06 2024 Thursday ,08 February
Meghan presents fashion award to wedding dress designer Waight Keller
GMT 22:48 2018 Thursday ,13 December
French archaeological mission discovers artefacts in Umm Al Qaiwain
GMT 07:58 2018 Thursday ,25 October
Cathay Pacific data breach affects 9.4 million passengers
GMT 08:46 2018 Wednesday ,12 September
Arab foreign ministers conclude 150th meeting at the Arab League’s Secretariat
GMT 13:56 2018 Tuesday ,04 September
HRH Premier's keenness to promote social ties hailed
GMT 17:29 2013 Tuesday ,02 July
HEC pays an inspection visit to Ahlia University
GMT 18:50 2016 Monday ,04 April
United States seizes thousands of Iranian weapons, including grenade launchers, in Arabian Sea
GMT 06:38 2017 Monday ,10 April
Prime Minister Participates in Meetings of Interior Ministers' Council
GMT 10:35 2017 Thursday ,10 August
Victory Team ready for UIM F1H2O World Championship
GMT 11:38 2017 Thursday ,10 August
Fujairah Crown Prince opens Jiu Jitsu ChampionshipGMT 13:46 2011 Thursday ,16 June
Flavoured milk off the menu in schools
GMT 21:07 2017 Thursday ,04 May
Afghan president calls upon Taliban to join peace process
GMT 16:01 2014 Monday ,06 January
Hilton continues growth in UAEGMT 14:44 2011 Sunday ,12 June
Hundreds of schools face blacklistingGMT 09:16 2011 Friday ,15 July
Google going social as profit soarsGMT 11:49 2011 Thursday ,13 October
Abou-Treika joins Ahly trainings for Haras clash
GMT 08:57 2015 Friday ,12 June
Trio share St Jude lead
GMT 13:09 2016 Wednesday ,07 September
Bosch 'helped conceal' Volkswagen's emissions cheating devicesGMT 00:48 2011 Sunday ,08 May
West Ham rooted to bottom of PremiershipGMT 23:09 2011 Tuesday ,10 May
De Jong backs Man City to beat SpursGMT 06:53 2011 Saturday ,21 May
UN Chief to visit Nigeria next week
GMT 11:57 2017 Monday ,27 February
Meet Malaysia's first family of skiing
GMT 11:31 2012 Monday ,15 October
Chadli Bendjedid.. The era where change stopped in Algeria
GMT 10:07 2017 Thursday ,10 August
Portuguese media delegation praises activities of Dubai Sports World
GMT 19:04 2017 Saturday ,25 March
Malaysia's February CPI Up 4.5 Per Cent
GMT 14:16 2013 Sunday ,30 June
Top advice on making him careGMT 09:52 2013 Friday ,19 April
Actress shaves her locks for cancer-patient role
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor