Rise in U.S. oil rigs push Brent oil below $62

Rise in U.S. oil rigs push Brent oil below $62

The U.S. Energy Information Administration on Wednesday said crude production last week rose to a record high of 10.25 million barrels per day (bpd).

The falls come amid a rout in global share markets as inflation fears grip investors.

US crude inventories rose 1.9 million barrels in the week to February 2 to 420.25 million barrels, EIA said.

The worldwide benchmark dipped to $61.72 per barrel at 1.40 EST (1840GMT), posting a daily loss of 4.7 percent, and reaching its lowest level since December 7.

NYMEX WTI crude futures for March delivery settled at $59.20 on Friday, down $1.95, capping a week of losses for the benchmark that culminated in the largest weekly decline in two years.




Crude output in the U.S.is expected to average 10.6 mbpd this year, an EIA report said earlier this week.

"This will be a tall order as the spectre of fresh US sanctions looms but nevertheless exacerbated the sell-off", Brennock said.

The U.S.' crude production is projected to reach 11.2 mbpd next year to surpass Russian Federation as the world's biggest crude producer.

The U.S. increases have complicated efforts by OPEC and other producers, including Russian Federation, to balance global markets and force down excess global inventories by cutting output. It was also the largest week-on-week oil rig increase since January 2017.

As more US oil is being exported, it is also challenging OPEC members' market share in key regions such as Asia.

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