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Crude oil prices drop on rise in US drilling

Crude oil prices drop on rise in US drilling

Monday, March 20, 2017, 11:11 AM

Oil prices fell on Monday on rising US drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Prices for benchmark Brent crude futures were 29%, or 0.56%, below their last settlement at 0223 GMT, at $51.47 per barrel. US West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.78 per cent, at $48.40 a barrel.
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