Oil prices drop amid rising U.S. production, oil rig count

Oil prices fell on Friday, as the market was dampened by a surge in U.S. crude oil output in April and increased U.S. oil rig count this week. 

 

The West Texas Intermediate for August delivery decreased 0.96 U.S. dollar, or 1.62 percent, to settle at 58.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery declined 0.93 dollar, or 1.42 percent, to close at 64.74 dollars a barrel on the London ICE Futures Exchange. 

 

U.S. crude supply hit 12.162 million barrels per day (bpd) in April, a striking increase of 246,000 bpd from the previous month, according to a monthly report by the U.S. Energy Information Administration on Friday. 

 

Texas saw the largest crude production in the month, which rose 11,000 bpd to 4.967 million bpd. Offshore output in the U.S. Gulf of Mexico came as the second largest, up 77,000 bpd to 1.982 million bpd. 

 

On the other hand, the number of active U.S. rigs drilling for oil increased by 4 to 793 for the week ending Friday, said U.S. energy service firm Baker Hughes in its weekly report on Friday. 

 

The reading followed a minor uptick of 1 rig of the previous week, yet was much lower than the 858 rigs of the same week last year. 

 

Source:cctvplus

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