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Oil prices dip on further rise in U.S. drilling, demand slowdown

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market. Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced late last year. Brent crude futures were down 18 cents, or 0.4 percent, at $47.19 per barrel at 0659 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 20 cents, or 0.5 percent, at $44.54 ...

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First Published: Mon, June 19 2017. 12:38 IST
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