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oil-06

Oil prices dip nearly 3%, OPEC exports hits a 2017 high

Oil prices tanked nearly 3% on Friday after data revealed that US rig count and production surged last week just as OPEC exports hit a 2017 high. The further dip in oil prices indicates an uncertainty about OPEC’s attempt to curb global oversupply.

US West Texas Intermediate (WTI) crude futures ended Friday’s session down 2.8 %, to USD 44.23 per barrel.

Brent crude futures, the international benchmark for oil prices, were trading down 3.1%, at USD 46.64 per barrel by 2:36 pm ET (1836 GMT).

After rising earlier, oil ended down by nearly 4% in this week.

Russia which is also a major oil exporter is cooperating with OPEC in a deal to stem production, said it is ready to consider revising parameters of the deal if required.

In the week to July 7, US drillers added seven oil rigs. This brings the total count up to 763, the most since April 2015.