Oil prices drop on rise in U.S. drilling

20 Mar 2017   Prices

Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Prices for front-month Brent crude futures, the international benchmark for oil, were 20 cents below their last settlement at 0025 GMT (8:25 p.m. ET on Sunday), at $51.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $48.50 a barrel. Traders said that prices were under pressure due to rising U.S. drilling activity and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. “Crude oil has attempted to break out of the trading range that formed last […]

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