Singapore — Oil prices fell on Monday as last week’s rise in the US rig count pointed to a further increase in American production that could undermine Opec-led efforts to tighten markets. A statement by Kuwait’s oil minister that oil cartel Opec and other oil producers would study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said. US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 4.18am GMT, down 22c, or 0.4%, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 25c, or 0.4%, at $63.15 a barrel. "The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the Opec and Russian agreement when they meet for a review in June 2018," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. The number of rigs drilling for new oil output in the US rose by two in the wee...
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.