Oil Falls a Second Day as U.S. Drilling Expands While OPEC Cuts
- U.S. rigs targeting oil rose to highest since November 2015
- OPEC shipments show high level of compliance: Petro-Logistics
Factoring OPEC Production Cuts in to the Oil Trade
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Oil fell a second day after drilling in the U.S. rose to the highest in more than a year, countering OPEC’s efforts to clear a supply glut.
Futures decreased 1 percent in New York. Rigs targeting crude in the U.S. rose last week to the most since November 2015, according to Baker Hughes Inc., while American crude output is at the highest since April, government data shows. Oil supplies from OPEC are sliding this month, according to tanker-tracker Petro-Logistics SA. Declines accelerated as U.S. equities retreated.