Oil prices go down on further ascend in American drilling

Oil prices go down on further ascend in American drilling

On Monday, crude sank, suppressed by an ongoing expansion in American drilling, which has assisted to maintain high global supplies notwithstanding an OPEC-led initiative to reduce output to tighten the market.

Signs of faltering demand have also helped weakening sentiment, dipping prices to levels comparable to when the output drops were first unveiled late the previous year.

Brent crude futures lost 0.3%, trading at $47.24.

American West Texas Intermediate oil futures tumbled 0.3%, being worth $44.59 a barrel.

Prices for both benchmarks lost approximately 14% in May, when crude producers led by the Organization of the Petroleum Exporting Countries dared to extend their promise to reduce output by 1.8 million barrels a day by additional nine months until the end of the first quarter of next year.

Traders told the key factor suppressing crude prices was a steady ascend in American output, which undermines the OPEC-led effort.

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