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Oil prices fall on glut concern

Xinhua, January 31, 2017 Adjust font size:

Oil prices fell for the second consecutive session on Monday, after data showed a recovery for U.S. drilling activity.

The number of U.S. rigs classified as drilling for oil was up 15 to 566 last week, according to oilfield service firm Baker Hughes on Friday, the highest since November 2015.

Analysts said oil prices, which have remained above 50 U.S. dollars a barrel since December last year, have stimulated U.S. shale producers to ramp up production.

The rising U.S. oil production will offset some of the efforts from other producers to cut outputs, leaving investors worrying about lingering global crude glut, said analysts.

The West Texas Intermediate for March Delivery erased 0.54 dollars to settle at 52.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.29 dollars to close at 55.23 dollars a barrel on the London ICE Futures Exchange. Enditem