West TX Oil Below $48 as U.S. Rig Count Rises

Oil prices slipped lower in early Asian trade on Monday after closing the previous session at their lowest level since March on renewed oversupply concerns after data showed U.S. drilling activity increased last week.

U.S. oil producers added 21 oil rigs last week, the biggest rise since April 2014, oil services company Baker Hughes said in on Friday.

That was despite a 21 percent collapse in U.S. crude prices since mid-June when prices hit $61 a barrel on June 23 leading U.S. oil prices to enter a bear market. A 20 percent downturn is considered by many traders to constitute a bear market.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.