West TX Oil up to $59.40 Despite Oil Glut

U.S. crude futures fell towards $59 a barrel in early Asian trade on Monday as a slower decline in the number of U.S. rigs added to concerns of an oil glut, while worries over the Greek financial crisis dampened market sentiment.

Front month U.S. crude fell 22 cents to $59.39 a barrel as of 0021 GMT after dropping 84 cents in the previous session.  Brent for August delivery dropped 25 cents to $62.77 a barrel after closing the previous session $1.24 down.

U.S. oil producers added a rig each in the Permian and Bakken shale basins last week, fueling worries over high domestic oil output, even as the number of active U.S. rigs fell last week, data on Friday showed.

CNBC

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