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Crude Oil Falls for Second Day as U.S. Rig Count Rises

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Crude oil slid for a second session on Monday, down more than 1 percent from last week’s 2016 highs on concerns over a supply glut after the U.S rig count rose for the first time since December.

U.S. energy firms last week added one oil rig after 12 weeks of cuts, according to data by industry firm Baker Hughes. The addition, coming after oil rigs had fallen by two-thirds over the past year to 2009 lows, showed the fall in crude drilling stabilising after a 50-percent price rally since February.

U.S. crude dropped 80 cents, or 2.03 percent, to $38.64 a barrel by 0747 GMT. The market on Friday climbed to $41.20 a barrel, its highest since early December, before losing ground to settle down nearly 2 percent at $39.44.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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