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Crude Oil Plunges As U.S. Rigs Continue To Rally Last Week

Jan, 09th 18:11

February West Texas Intermediate crude plummeted nearly 3% on Monday to $52.24 a barrel on the New York Mercantile Exchange after report showed a 10th straight weekly rise in the number of active U.S. oil rigs last week.

Houston-based oil-field services company Baker Hughes last Friday stated that the number of active rigs drilling for oil in the U.S. added 4 to reach the highest number of rigs in operation since December 2015 at 529. The increase was the 10th straight week of rig-count growth and hinted at further gains in crude production in the U.S. as local producers come back to the market to take advantage of higher oil prices.

The EIA and OPEC are due to release their monthly oil reports on Tuesday and next Wednesday, respectively. The International Energy Agency will also publish their data on Jan. 19. However, those are not expected to provide much information for traders due to the fact that the output cut agreement has just been implemented since the start of the year.

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