Author: Vitaliy Dadalyan

Oil prices drop on increased U.S. drilling activity

Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.05 a barrel at 0219 GMT, down 31 cents, or 0.5 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 34 cents, or 0.5 percent, at $63.06 a barrel.


...Read the rest of this story