BLOOMBERG.COM
Oil extended declines following the biggest drop in more than a month after U.S. producers increased drilling and OPEC boosted its estimate for rivals’ production next year. Futures slid as much as 2.5 percent in New York, after losing 3.7 percent Friday. Rigs targeting crude rose for a second week to 414, the most since February, according to data from Baker Hughes Inc. The Organization of Petroleum Exporting Countries flipped its forecasts for rival supplies in 2017, predicting an increase in output from outside the group instead of a decline. Equity markets in Europe and Asia dropped the most since the aftermath of the Brexit vote in June amid concern about the end of central bank stimulus.
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Oil extended declines following the biggest drop in more than a month after U.S. producers increased drilling and OPEC boosted its estimate for rivals’ production next year. Futures slid as much as 2.5 percent in New York, after losing 3.7 percent Friday. Rigs targeting crude rose for a second week to 414, the most since February, according to data from Baker Hughes Inc. The Organization of Petroleum Exporting Countries flipped its forecasts for rival supplies in 2017, predicting an increase in output from outside the group instead of a decline. Equity markets in Europe and Asia dropped the most since the aftermath of the Brexit vote in June amid concern about the end of central bank stimulus.
Read more>