Oil Slips as Increase in Drilling Reported


An increase in the number of U.S. rigs raises the possibility of a strong revival in production

Crude Oil: $53.83 per barrel, Natural gas: $3.063/MMBtu, Gold:$ 1218.50 per troy oz.


Oil prices edged lower Monday as reports of increased drilling in the U.S. damped appetite among investors following last week’s 2% uptick.

U.S. light sweet crude for March delivery recently fell 9 cents, or 0.17%, to $53.74 a barrel on the New York Mercantile Exchange. The April contract for global crude benchmark Brent was down 19 cents, or 0.33% at $56.62 a barrel on London’s ICE Futures Exchange.

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Resource: WSJ

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