American crude sags on increased drilling

American crude sags on increased drilling

On Monday, American crude prices went down, easing from two-year maximums on the prospect of rising US output. However, global markets were a bit better backed by hopes that an OPEC-led supply cut is going to be extended.

American West Texas Intermediate crude futures hit $58.68 a barrel, sliding 0.5% from their previous settlement. As for Brent crude futures, they lost 4 cents being worth $63.82 a barrel.

American crude output has inched up by 15% since mid-2016 to about 9.66 million barrels a day, which is not far from leading producers Saudi Arabia and Russia. Besides this, increasing drilling activity for fresh production means output is believed to keep rising, as market experts told.

The previous week American energy companies added crude rigs. The monthly rig count added for the first time since July, hitting up to 747 active rigs because crude producers are generally attracted by soaring oil prices.


Latest news

Deposit with your local payment systems

Learn more


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera