Oil prices fall as US rig count rises

Oil prices declined on Friday as U.S. energy companies added oil rigs for the first time in the past three Weeks, reports Xinhua from New York.

The number of rigs operating in U.S. oil fields rose by three to a total of 861 rigs this week, the first time in the past three weeks that drillers have added rigs, oilfield service firm Baker Hughes said in its weekly report on Friday.

On the economic front, U.S. real gross domestic product (GDP) increased at an annual rate of 4.1 per cent in the second quarter of 2018, marking the fastest pace in almost four years, according to the advance estimate released by the Commerce Department on Friday. In the first quarter, U.S. real GDP increased 2.2 percent.

The West Texas Intermediate for September delivery fell 0.92 U.S. dollar to settle at 68.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 0.25 dollar to 74.29 dollars a barrel on the London ICE Futures Exchange.

 

Oil prices fall as US rig count rises

Oil prices declined on Friday as U.S. energy companies added oil rigs for the first time in the past three Weeks, reports Xinhua from New York. The number of rigs operating in U.S. oil fields rose by three to a total of 861 rigs this week, the first time in the past three weeks that drillers have added rigs, oilfield service firm Baker Hughes said in its weekly report on Friday. On the economic front, U.S. real gross domestic product (GDP) increased at an annual rate of 4.1 per cent in the second quarter of 2018, marking the fastest pace in almost four years, according to the advance estimate released by the Commerce Department on Friday. In the first quarter, U.S. real GDP increased 2.2 percent. The West Texas Intermediate for September delivery fell 0.92 U.S. dollar to settle at 68.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 0.25 dollar to 74.29 dollars a barrel on the London ICE Futures Exchange.