Crude oil futures continued to fall Tuesday amid expectations that U.S. oil production will remain robust throughout the year.
Recently, the IEA warned that U.S. production will surpass Saudia Arabia, offsetting OPEC’s supply quota plan with Russia.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 12 at 759 this week, as U.S. companies want to take advantage of oil prices at their highest in four years.
It was the biggest weekly rise seen in the Permian field since 2013.
Meanwhile, the Fort Hills oil sands project in Alberta, Canada, has achieved first oil, investor Total said Monday.
U.S. oil settled down $1.06, or 1.5%, at $64.50/bbl, falling further from a recent 4-year peak above $66.
The material has been provided by InstaForex Company – www.instaforex.com
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