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Crude Oil Prices Turn Lower on U.S. Drilling Activity
Crude oil turned lower on Monday, pulling away from two-week highs as news of a rise in U.S. drilling added to concerns over output level and overshadowed upbeat global demand projections.
The U.S. West Texas Intermediate crude April contract was down 32 cents or about 0.51% at $62.09 a barrel by 04:40 a.m. ET (08:40 GMT), after hitting a two-week peak of $62.54 on Friday.
Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London slid 36 cents or about 0.54% to $65.86 a barrel, off Friday’s two-week highs of $66.42.
Oil prices came under pressure after Baker Hughes energy services firm said on Friday that the number of active U.S. oil rigs increased by four in the week to March 16, bringing the total count to 800.