Crude oil futures on the NYMEX were down on expectations that US rig count data, to be released later today, will show gains for US shale oil driller. The September delivery crude contract was down 0.1% at $47.06 a bbl.US crude oil production rose to an over two-year high of 9.502 mln bpd in the week ended Aug 11, which fuelled worries of an increase in oil rigs. “The uptick U.S. production adds to concerns that the global glut in crude supplies will continue during the second half of the year, as OPEC's rate of compliance with the global deal to curb production fell in July.
Source: Newswire
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