Oil prices fell on Monday after US energy firms added rigs for the first time this year in a sign that crude production there will rise further.
US spot crude oil futures were at $53.37 per barrel at 0027 GMT, down 32 cents, or 0.6 per cent, from their last settlement.
International Brent crude oil futures were at $61.37 a barrel, down 27 cents, or 0.4 per cent.Analysts said high US crude oil production, which hit a record 11.9 million barrels per day (bpd) late last year, was weighing on oil markets.
In a sign that output could rise further, US energy firms last week raised the number of rigs looking for new oil for the first time in 2019, adding 10 facilities, to 862, Baker Hughes energy services firm said in its weekly report on Friday.
Beyond oil supply, a key question for this year will be demand-growth.Oil consumption has been increasing steadily, likely averaging above 100 million bpd for this first time in 2019, driven largely by a boom in China...Read More
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