Oil Falls as U.S. Drillers Replace Barrels Lost in OPEC-Led Cuts
- U.S. oil rig count climbs this week by 15 to 566; Baker Hughes
- OPEC, other producers on track to meet target, Algeria says
SAUDI-DESERT-OIL-ARAMCO
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Oil dropped from a three-week high amid speculation that increased U.S. drilling will boost output, offsetting cuts by OPEC and other producers.
Futures fell 1.1 percent in New York after failing to extend Thursday’s 2 percent rally. Rigs targeting crude in the U.S. rose this week by 15 to 566, the highest since November 2015, according to Baker Hughes Inc. data reported Friday. American crude output is the highest level since April, government data show. Oil supplies from OPEC are plunging this month, according to tanker-tracker Petro-Logistics SA.