SEOUL - Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as US drillers kept adding rigs.
Brent crude LCOc1 had fallen 35 cents, or 0.68 percent, to its lowest since Nov. 30 at $51.02 per barrel by 0231 GMT. It closed the previous session down 1.6 percent at $51.37.
US West Texas Intermediate crude (WTI) CLc1 declined 42 cents, or 0.87 percent, to its weakest since late November at $48.07 a barrel.
US drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, as energy companies increased spending to take advantage of a recovery in crude prices since the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut output.
OPEC and other major oil producers including Russia reached a landmark agreement late last year to rein in production by almost 1.8 million barrels per day (bpd) in the first half of 2017.
Overshadowing the curbs, crude inventories in the United States, the world's top oil consumer, surged last week by 8.2 million barrels.
"With the market still digesting the big increase in inventories, oil prices are likely to remain under pressure today," ANZ bank said in a note.
Hedge funds and other money managers cut their net long US crude futures and options positions in the week to March 7, according to data from the US Commodity Futures Trading Commission (CFTC) on Friday.
Michael McCarthy, chief market strategist at Sydney's CMC Markets, said markets would be dominated by expectations that the US Federal Reserve is set to hike interest rates this week.
A rise in US rates would likely buoy the dollar, making greenback-denominated oil more expensive for importing countries. "The week ahead is packed with potentially market defining releases," said McCarthy. "However, the key to market performance this week is the response to the US lift in rates." -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔