BLOOMBERG.COM
Oil fell for a second day in New York, extending declines from a three-month high, as the number of drilling rigs active in the U.S. rose for the first time in three months amid a global glut. Futures slid as much as 2.1 percent after dropping 1.9 percent Friday. Drillers put one oil rig back to work last week, marking the first addition since late last year, according to Baker Hughes Inc. While prices have jumped the past month, they remain 60 percent below their mid-2014 level, prompting producing nations to plan a meeting next month. Ecuador will propose a cut to output at the gathering, according to President Rafael Correa.
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Oil fell for a second day in New York, extending declines from a three-month high, as the number of drilling rigs active in the U.S. rose for the first time in three months amid a global glut. Futures slid as much as 2.1 percent after dropping 1.9 percent Friday. Drillers put one oil rig back to work last week, marking the first addition since late last year, according to Baker Hughes Inc. While prices have jumped the past month, they remain 60 percent below their mid-2014 level, prompting producing nations to plan a meeting next month. Ecuador will propose a cut to output at the gathering, according to President Rafael Correa.
Read more>