Oil down 1 percent on rising U.S. drilling fears, supply glut
Crude closed down more than 1 percent on Friday for a second straight week of losses, on worries that U.S. President Donald Trump’s withdrawal from the Paris climate accord could accelerate U.S. production and flood the global oil market. Market analysts are troubled by a growth in U.S. crude production that is offsetting efforts from the Organization of the Petroleum Exporting Countries to reduce global oversupply. U.S. drillers this week added 11 rigs, in a record stretch of 20 straight weeks of additions, data from energy services company Baker Hughes showed.
Source:: https://finance.yahoo.com/news/oil-prices-slide-nearly-1-005147845.html
