Oil slips below $52 on U.S. drilling

Oil has edged down, below $52 a barrel as rising crude output and drilling in the United States (U.S.) countered the
Organisation of Petroleum Exporting Countries (OPEC)-led production cuts aimed at clearing a supply glut, yesterday.

Global benchmark Brent crude for July was down 50 cents at $51.55 a barrel. U.S. crude for June was down 44 cents at $48.89 a barrel.

U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said at the weekend. Crude output in the U.S. has hit its highest since August 2015, government data shows.

Source: TVC