Crude dips due to US drilling

Crude dips due to US drilling

On Monday, crude sagged because a relentless ascend in American drilling understated an OPEC-led push to tighten oil supply.

This day trading activity is going to be subdued because of public holidays in the United States, China and the United Kingdom.

Brent crude futures slumped 0.3%, hitting $52.00 per barrel.

American West Texas Intermediate crude futures declined 0.3% too, demonstrating $49.63 per barrel.

The previous week, the Organization of the Petroleum Exporting Countries along with some non-OPEC producers agreed to extend an initiative to cut output by approximately 1.8 million barrels per day, until the end of the first quarter of next year. However, the decision didn’t go as far as many traders had hoped and provoked a heavy sell-off.

Notwithstanding the ongoing dips, crude prices haven’t ascended much beyond $50 per barrel.

American drillers have already added rigs for up to 19 straight weeks, reaching 722, which is the highest amount since April 2015 as well as the longest run of additions on record, as energy services company Baker Hughes Inc informed.

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