Oil prices declined on Monday amid worries about a return of oversupply.
The number of rigs operating in U.S. oil fields increased by four to a total of 800 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.
Thanks to the high drilling activity, U.S. crude oil production has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), according to CNBC.
Soaring U.S. output, as well as rising production in Canada and Brazil, is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to curb supplies and bolster prices.
Some analysts worried that oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year.
The West Texas Intermediate for April delivery fell 0.28 U.S. dollar to settle at 62.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.16 dollar to close at 66.05 dollars a barrel on the London ICE Futures Exchange.
The number of rigs operating in U.S. oil fields increased by four to a total of 800 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.
Thanks to the high drilling activity, U.S. crude oil production has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), according to CNBC.
Soaring U.S. output, as well as rising production in Canada and Brazil, is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to curb supplies and bolster prices.
Some analysts worried that oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year.
The West Texas Intermediate for April delivery fell 0.28 U.S. dollar to settle at 62.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.16 dollar to close at 66.05 dollars a barrel on the London ICE Futures Exchange.
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