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Crude oil prices fell as rising U.S. drilling activity outweighed talks

Crude oil prices fell as rising U.S. drilling activity outweighed talks

Crude oil trading range for the day is 3032-3200. Crude oil prices fell as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. Since mid-2016, U.S. oil production has risen by 700,000 bpd, or 8.3 percent, to 9.13 million bpd, government data shows. The U.S. bank said that should the rig count stay at current levels and the impact of previously closed rigs returning to production was considered.

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