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MTECHTIPS;-Oil prices fall as U.S. rig count rise, trade concerns

Monday, February 11, 2019 2:19

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MTECHTIPS;-Oil prices fall as U.S. rig count rise, trade concerns

MTECHTIPS-Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 percent, from their last settlement. International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel.In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd. WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66′s Wood River, Illinois, refinery following a fire on Sunday

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