U.S. Drillers Are Hammering OPEC’s Plans
- Rigs targeting crude in America climb for a 22nd straight week
- Libya’s production rises to four-year high as fields resume
Oil Falls to a Seven-Month Low
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Oil fell, extending four weeks of declines, as U.S. drillers continue adding rigs and Libya boosts output, blunting OPEC-led efforts to re-balance an oversupplied market.
Futures dropped 1.2 percent in New York after capping the longest run of weekly declines since August 2015. U.S. drillers targeting crude added rigs for a 22nd straight week, the longest uninterrupted stretch of growth in three decades, according to data from Baker Hughes Inc. on Friday. Libya is producing the most oil in four years after a deal with Wintershall AG enabled at least two fields to resume production.