11FEB2019 - NEWS - Oil prices fell by more than one percent on Monday due rise in US rig count

Oil prices fell by more than 1 percent on Monday as the U.S. drilling activity picked up and as a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. US West Texas Intermediate (WTI) crude futures were down by around 1.5 percent and the International Brent crude oil futures were down by 1.1 percent from their previous settlement values. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks. Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd.

Published by Editor - www.Livebunkers.com at 11-Feb-2019 06:44:40 [UTC] , contact editor at editor@livebunkers.com