Oil Falls to Four-Week Low as U.S. Drilling Seen Boosting Output
- Speculator’s WTI net-longs up 4.6%, third-straight gain: CFTC
- Prices rose earlier as dollar, equities rally on French polls
FGE's Fesharaki Says OPEC Is Putting a Band on Oil
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Oil fell for a sixth day as the ramp-up of U.S. drilling signaled further production gains in the world’s biggest crude-consuming nation.
Futures settled at four-week lows on both sides of the Atlantic. U.S. explorers added 5 rigs last week to cap the longest stretch of gains since 2011, Baker Hughes Inc. data show. An OPEC committee concluded that a six-month renewal of an output-cut deal is needed, delegates with knowledge of the matter said. Money managers boosted wagers that U.S. oil futures would increase in the week to April 18, government data showed. Oil rose earlier along with global equities after the first round of the French presidential election.