Oil slips further below $57 after third-quarter rally

2 Oct 2017   Prices

Oil dipped further below $57 a barrel on Monday as an increase in U.S. drilling and higher OPEC output put the brakes on a rally in which the market scored its biggest third-quarter gain in 13 years. U.S. energy companies added oil rigs for the first week in seven and Iraq announced its exports increased slightly in September when OPEC overall boosted output according to a Reuters survey. [OPEC/M] Brent crude, the global benchmark, was down 12 cents at $56.67 a barrel at 0846 GMT. It notched up a third-quarter gain of around 20 percent, the biggest third-quarter increase since 2004 and traded as high as $59.49 last week. “I think it’s going to be a struggle to move above $60 Brent,” said Olivier Jakob, […]

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