Oil Falls From 2014 Highs on Rising U.S. Rig Count
Tuesday,
16-Jan-2018
04:21 PM (IST)
Crude prices edged away from their strongest level since late 2014, as the market weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut.U.S. West Texas Intermediate crude futures dipped 0.1% to $64.28 per barrel, while Brent futures shed 0.7% to $69.75 per barrel.Both benchmarks reached their best levels since Dec. 2014 in the prior session.Analysts and traders have recently warned that U.S. shale oil producers could ramp up production in the coming weeks as they look to take advantage of higher prices, potentially derailing an OPEC-led effort to curb excess supply.
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