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Oil prices fall on rising U.S. rig count

Xinhua, February 14, 2017 Adjust font size:

Oil prices fell on Monday as signs of rising U.S. crude output continued to weigh on prices.

The U.S. rig count last week was up 8 to 591, data released by oilfield service company Baker Hughes showed.

Analysts said the investors are very concerned about increasing U.S. drilling activity, as it would give rise to U.S. oil production and offset some of output cut efforts from the Organization of the Petroleum Exporting Countries.

The West Texas Intermediate for March Delivery erased 0.93 dollars to settle at 52.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 1.11 dollars to close at 55.59 dollars a barrel on the London ICE Futures Exchange. Endit