Oil Prices Back Off Recent Highs In Cautious Start To Week
FOX LIVE NEWS UPDATE
Oil prices edged lower for the second session in a row on Monday, moving further away from more than three-year highs touched recently, as a rise in U.S. drilling for new production dampened sentiment.
U.S. drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest number since March 2015, General Electric (NYSE:GE)’s Baker Hughes energy services firm said in its closely followed report on Friday.
That was the sixth consecutive weekly increase in the rig count, underscoring worries about rising U.S. output.
Indeed, domestic oil production – driven by shale extraction – rose to an all-time high of 10.70 million barrels per day (bpd) last week, the Energy Information Administration (EIA) said.
Only Russia currently produces more, at around 11 million bpd.