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Oil prices drop on increased US drilling activity

Brent crude futures, the international benchmark for oil prices, were down 34 cents, or 0.5 percent, at $63.06 a barrel

Reuters  |  Singapore 

Oil prices fell on Monday, pulled down as the latest rise in the US rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. US West Texas Intermediate (WTI) crude futures were at $57.05 a barrel at 0219 GMT, down 31 cents, or 0.5 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 34 cents, or 0.5 percent, at $63.06 a barrel. "The largest concern for investors currently remains the rise in the US rig count, which could potentially ...

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First Published: Mon, December 11 2017. 10:49 IST
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