Oil prices fall on rising US rig count, economic slowdown
Updated : January 28, 2019 07:59 AM IST
US spot crude oil futures were at $53.37 per barrel at 0027 GMT, down 32 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures were at $61.37 a barrel, down 27 cents, or 0.4 percent.
Analysts said high US crude oil production, which hit a record 11.9 million barrels per day (bpd) late last year, was weighing on oil markets.
Oil consumption has been increasing steadily, likely averaging above 100 million bpd for this first time in 2019, driven largely by a boom in China.
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