FX.co ★ Oil price falls as US drilling rigs increase

Global oil prices are falling on data from oilfield service company Baker Hughes that showed a rise in rigs drilling for oil in the United States.
According to Baker Hughes, the US oil rig count rose by 10 to 406 last week. It is 394 rigs (44.5%) lower than last year.
The number of oil rigs rose by 10 or 2.52% to 406 units. Rigs above 400 is the first time since February 2016. The gas rig count was unchanged at 83.
"There are many conflicting factors at the moment and prices are expected to be choppy ahead of the OPEC meeting," said Barnabas Gan, an economist at OCBC.
Expectations for the OPEC Summit on freezing oil output in September led to a notable increase in oil prices. On the back of such reports, Brent crude price rose above the psychological level of $50 a barrel.
Over time, most market participants realized that oil output freezing was only talks, not more.