Oil Drops as U.S. Drilling Growth Threatens to Counter OPEC Cuts
- U.S. shale producers boost rig count for ninth straight week
- Libya’s Es Sider, Ras Lanuf oil ports poised to resume shiping
Market Strategist Sees Lack of Upside in Oil Prices
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Oil fell as a Libyan port is set to resume shipments and the U.S. drilling revival undermines the potential for OPEC output curbs to rebalance the market.
Futures dropped 1.2 percent in New York. Saudi Arabian Energy Minister Khalid Al-Falih said that the kingdom may its cuts if supplies stay above the five-year average. A day later, though, data showed the U.S. rig count growing for a ninth week, and a Libya official said Sunday that the Es Sider and Ras Lanuf ports are preparing to restart oil exports.