Crude prices fall after US oil drillers add rigs to look for new production

12-Sep-16

Brent crude futures was at US$47.2 while U.S. West Texas Intermediate futures dipped to US$45.08 a barrel. Crude prices fell by over 1.5% after US oil drillers added rigs to look for new production. Increasing oil drilling activity in the United States indicate that producers can operate profitably around current levels, as per Reuters.
U.S. drillers added oil rigs for a tenth week in the past 11, according to a Baker Hughes rig count report on Friday. It was the longest streak without rig cuts since 2011.