Commodity Alert: U.S. oil extends decline, weighed down by dollar, rising output.
Brent crude futures, the global benchmark, declined 33 cents, or 0.5 percent, to $69.13 a barrel. The contract for March delivery settled down $1.06, or 1.5 percent, at $69.46 a barrel. U.S. West Texas Intermediate crude futures dropped 47 cents, or 0.7 percent, to $65.09 a barrel. U.S. production is already on par with Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC). Only Russia produces more, averaging 10.98 million barrels per day (bpd) in 2017. According to Baker Hughes, Drillers in the U.S. added 12 oil rigs for new production.
Source:Investing
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