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MTECHTIPS;-Oil Prices Fall 1% as U.S. Drilling Activity Picks Up; Trade Talks in Focus

Monday, February 11, 2019 5:43

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MTECHTIPS;-Oil Prices Fall 1% as U.S. Drilling Activity Picks Up; Trade Talks in Focus

MTECHTIPS-Oil prices traded lower on Monday in Asia after a report showing that drilling activity in the U.S. rose last week and as concerns over global trade continued to weigh. Energy companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, Baker Hughes reported Friday. It was the second increase in three weeks. Crude Oil WTI Futures dropped by around 1.1% to $52.16 per barrel at 1:22 AM EST (6:22 AM GMT), while the international Brent futures were down 0.7% at $61.73 per barrel. Oil futures settled slightly higher on Friday, but ended the week down around 5% as worries over a global economic slowdown dominated sentiment after the European Commission cut its euro zone growth forecast last week. After ending 2018 in free fall, oil prices have rallied approximately 16% to start the year, boosted by OPEC-led supply cuts and U.S. sanctions against Venezuela. However, recent signs of a weakening global economy have renewed concerns about a slowdown in energy demand, especially if the ongoing trade dispute between China and the U.S., the world’s two biggest economies, drags on

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