Commodities

Brent declines on higher US oil rig count

2019-02-11 16:12:36 GMT (Economies.com)

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. 

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