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Oil Tumbles to Three-Month Low as U.S. Drilling Climbs Amid Glut

  • U.S. oil rig count rises for fourth week to 371: Baker Hughes
  • Commodities decline as dollar advances to eight-week high
Bloomberg business news

Oil Hovers Near Two-Month Lows on Weight of Fundamentals

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Oil fell to the lowest in three months in New York after U.S. producers increased drilling for a fourth week even as the market contends with abundant stockpiles.

West Texas Intermediate crude declined 2.4 percent. U.S. oil explorers have boosted the number of active rigs by 55 since the start of June to 371, with 14 added last week, Baker Hughes Inc. said Friday. Government data show U.S. gasoline supplies are at the highest seasonal level in decades, which may spur refiners to shut sooner than usual for maintenance. Oil also slipped as the dollar rose to an eight-week high, curbing investor appetite for commodities.