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Oil falls below $56; Brent posts biggest third-quarter increase since 2004

I think it's going to be a struggle to move above $60 Brent: Oil Analyst

Reuters  |  London 

Oil dipped below $56 a barrel on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that saw prices score their biggest third-quarter gain in 13 years. U.S. energy companies added oil rigs for the first week in seven and Iraq announced its exports rose slightly in September when OPEC overall boosted output according to a Reuters survey. Brent crude, the global benchmark, was down 95 cents at $55.84 a barrel at 1052 GMT. It notched up a third-quarter gain of around 20 percent, the biggest third-quarter increase since 2004 and traded as high as ...

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First Published: Mon, October 02 2017. 19:37 IST