Oil prices fall on rising US output speculation

Xinhua, NEW YORK: Oil prices fell Friday after data suggested drilling is further recovering in the United States and an increasing US output may follow.
The number of US rigs classified as drilling for oil is up 15 to 566 this week, the highest since November 2015, according to data released by oilfield service firm Baker Hughes on Friday.
Analysts said there is widespread speculation that drilling recovery will drive US crude output up, which will offset cuts made by The Organization of the Petroleum Exporting Countries and other major producers.

Oil prices fall on rising US output speculation

Xinhua, NEW YORK: Oil prices fell Friday after data suggested drilling is further recovering in the United States and an increasing US outputmay follow. The number of US rigs classified as drilling for oil is up 15 to 566 this week, the highest since November 2015, according to data released by oilfield service firm Baker Hughes on Friday. Analysts said there is widespread speculation that drilling recovery will drive US crude output up, which will offset cuts made by The Organization of the Petroleum Exporting Countries and other major producers.