Brent declines on higher US oil rig count

International benchmark Brent widened its losses in American trade on track for the second loss in three days on higher US oil rig count. 

Ad of 14:10 GMT, Brent retreated to $61.50 a barrel, with a session-high at $62.32, and a low at $61.34. 

Oil prices lost an average of 4% last week, the second weekly loss in the last three, and the largest in 2019 on global economic slowdown concerns. 

US Oil Rigs 

Baker Hughes, a US oil services company, reported an increase of 7 in the rig count to a total of 854 rigs in the week ending February 7, away from ten-month lows. 

Due to increased drilling activities, US output surged 40% from mid-2016 levels to a total of 11.9 million bpd, a record high.