Singapore — Oil prices fell on Monday as rising US drilling activity and steady supply from Opec countries despite touted production cuts pressured already-bloated markets. Prices for benchmark Brent crude futures were 29c, or 0.56%, below their last settlement at 2.23am GMT, at $51.47 a barrel. US West Texas Intermediate (WTI) crude futures were down 38c, or 0.78%, at $48.40 a barrel. Traders said that prices came under pressure from rising US drilling and ongoing high supply by oil cartel Opec despite its pledge to cut output by almost 1.8-million barrels a day together with some other producers like Russia. "There is good, strong momentum to the downside," futures brokerage CMC Markets said in a note on Monday. US drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. A...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.