Oil Falls to One-Week Low as OPEC Supply Climbs, Rig Count Grows
- Libyan crude output increases to 560,000 barrels a day: NOC
- U.S. oil rig count gains seventh week to most since February
Oil Shorts Tumble as Bears Quickly Exit the Market
This article is for subscribers only.
Oil fell to a one-week low as OPEC members added supply and U.S. producers increased drilling, threatening to compound a global surplus.
Futures dropped 0.8 percent in New York. Libyan output expanded to 560,000 barrels a day, according to the National Oil Corp., up from 540,000 last week. Iran repeated plans to boost production to 4 million barrels a day. Nigeria aims to raise output by 400,000 barrels a day to 2.2 million, Oil Minister Emmanuel Ibe Kachikwu said in New Delhi. Rigs targeting crude in the U.S. rose for a seventh week to the highest since February, Baker Hughes Inc. said.