Singapore — Oil prices were steady on Monday as a rising US rig count pointed to further increases in American output, marking one of the few factors tamping back crude in an otherwise bullish environment. Brent crude oil futures were at $74.07 a barrel at 3.54am GMT, virtually unchanged from their last close. US West Texas Intermediate (WTI) crude futures were down 3c at $68.37 a barrel. US drillers added five oil rigs drilling for new production in the week ended April 20, bringing the total count to 820, highest since March 2015, according to General Electric’s Baker Hughes energy services firm. The rising rig numbers point to further increases in US crude production, which is already up 25% since mid-2016 to a record 10.54-million barrels a day. Only Russia produces more at almost 11-million barrels a day. Despite the dips in crude oil on Monday, the overall market remains well supported, especially by strong demand in Asia, and Brent prices are up by 20% from their 2018 lows in...
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.