Oil prices hit three-month low as US rig count climbs
Brent crude had fallen 42 cents, or 0.82 percent, its lowest since November 30 at $50.95 per barrel. It closed the previous session down 1.6 percent at $51.37 a barrel.
US West Texas Intermediate crude (WTI) declined 50 cents, or 1.03 percent, to $47.99 a barrel, its weakest since Nov.29.
US drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output late last year.
OPEC and other major oil producers including Russia reached a landmark agreement last year to cut production by almost 1.8 million barrels per day (bpd) during the first half of 2017.
Overshadowing the cuts, crude inventories in the United States, the world's top oil consumer, surged last week by 8.2 million barrels.
"With the market still digesting the big increase in inventories, oil prices are likely to remain under pressure today," ANZ bank said in a note.
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 7, according to data from the US Commodity Futures Trading Commission (CFTC) on Friday.-APP
- Motorway police return lost wallet containing Rs35,000 to owner11:39 PM | 21 Jan, 2021
- This Asian country is set to reopen mosques after 9-month ...10:40 PM | 21 Jan, 2021
- Biden picks two Kashmiri-American women for top positions at White ...10:13 PM | 21 Jan, 2021
- Another Gomal University professor dismissed over sexual harassment09:59 PM | 21 Jan, 2021
- China to launch its first solar probe in 202209:42 PM | 21 Jan, 2021
- Bollywood remembers Sushant Singh Rajput on birth anniversary05:21 PM | 21 Jan, 2021
- Wedding festivities kick in for Bakhtawar-Mahmood as groom lands in ...04:36 PM | 21 Jan, 2021
- Netflix crosses 200 million subscribers06:39 PM | 21 Jan, 2021
- Here's how world leaders responded to Biden's inauguration as POTUS07:24 PM | 21 Jan, 2021
- Stars who turned down plastic surgery07:32 PM | 17 Jan, 2021
- Stars who dated in the past11:38 PM | 5 Jan, 2021
- COVID-19 – How many vaccine doses Pakistan and neighbouring ...08:34 PM | 5 Jan, 2021